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ORD 2092
CITO"Y OF CAMAS WASHINGTON UNLIMITED TAX GENERAL OBLIGATION REFUNDING BONDS , 1996 AND LIMITEDLI , 1996 ORDINANCE . 2092 AN ORDINANCE of the City of Camas , Washington, authorizing the issuance and sale of unlimited tax general obligation refunding bonds in t e aggregate ri ci a,l amount o $ 1 , 000 , 000 an li ° te tax general obligation and refunding bonds in the aggregate principal amount o 3 , 110 , 000 to refund certain outstanding unlimited tax general obligation ons and limited tax general obligation bonds o the City and for the purpose of providing funds to construct and equip a police administrative facility ; authorizing the appointment of an escrow agent and the execution of an escrow agreement related to such refundings ; providing the date , form and redemption provisions o sai bonds ; rovi ing forte disposition of the sale o such bonds and refunding bond proceeds ; providing fort e annual levy of taxes to pay the principal of and interest on such bonds ; and providing for the sale thereof PASSED : OCTOBER 28 1996 Prepared y : PRESTON GATES & ELLIS 5 000 Columbia Center 701 Fifth Avenue Seattle , Washington 98104 - 7078 a ORDINANCE . 2092 TABLE OF CONTENTS Page ection1 . Definitions . . . . . . . . . . . . . . . . . . . . . . . . • . . . • . • . . . . . • • • . . . . . . • . . . . . • . . . . . • . . ago . . . . . • • • . . . . . . • . . . . . . goes . . . . . . . state . • . • • 2 Section 2 . Findings and Authonzation of Improvements . . . . 9 * 0 * 6 0 * 00 0 * 00 * 4 0 so * * * gas a * * * & * * 00000 0 # 00 0 * 4 * 0040 00 actio urose , ut o • zatio a esc ` tion of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ectio Redemption and Furchase of Bonds 0000 . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section5 . Form of Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . . e . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Section6 . Execution o on s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Section 7 . Mutilated Lost , or uestroyedos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Sectionon un s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . l . . . . 1 actio e ge o axatio an re lt17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . action10 . 1jefeasance . . . . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . . . . . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 action I 1 . reatio of Construction Fund ; Application of B ond Froceeds . . . . . . . . . . . . . . . . • • 0, 400 . . . l Section 12 . Advance Kefunding Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 actio 13 . ademption of e n e Bonds 0000 . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . 0 action 1 inings o avings an efeasance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Section 15 . TaxCovenants ; ecial 'Designation . . . 00 * 000 * 00 * 00 90 004 00 * 00 eg . . . . . . . . . . . . . . . . . • . • • 0000 • . . . • 2 23 actio In 16 . Sale of Bonds . . . . . . . . . . . . . . . . . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • . • . . . . . • . . • . . . . . . . . • . . . . . • 0 Sectioll 17 . Approvalof PridClimia ictal Stateegoment . . . . . . . . . . . . . . . . . . . . . • 0000 • . • • . • • • 23 ectlon 1 eneral ut orizatlon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 action 19 . rlor Acts . . . . • . • . . . • e000 * 0 * 24 Section 20 . Severability 000000 # 066 * 00 * 00640 * 0 0000040 000 060 4 * * * * * # a * 0 * as 0000900 000900000 . . • • • . . • . 000 . 0 . • . • 000 . 0006006060024 action 21 . Undertaking o rovi e oing isclo sure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Section 1 . P ay encs Under the Insurance olicy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Section22 . Effiective Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Exhibit Escrow Agreement Neither this Table of Contents nor the preceding cover page is a part of this ordinance . ® 1 ® FWWOAS . DOC 96/ 10/28 . 2092 oft e lty of Camas , Washington, authorizing the issuance and sale of unlimitedtax general obligation refunding bonds in the aggregate principalamount of $ 1 , 000 , 000 and limited tax general obligation and refunding bonds in the aggregate principal amount o $ 3 , 110 , 000 to refund certain outstanding li its tax general obligation bonds and limited tax general obligation bonds o e City and forte purpose of providingfunds to construct and equip a police administrative facility ; authorizing the appointment of a escrow agent and the execution of an escrow agree ent related to such refundings ; rovi ing t e date , form and redemption provisions of said on s ; providing forte disposition of the sale of such bonds a re n ing bon rocee s ; rvi i fort e annual levy o . taxes to ay the principal of and interest on such bonds ; a rovi ing for the sale thereof WHEREAS the City of Camas , Washington (the " City " ) now has outstanding its Unlimited a eneral Obligation Bonds , 1989 issued under date of August1 , 1989 , int e original principal amount of $ 1 , 350 , 000 (the " 1989 on s " ) , of which $ 920 , 000 is callable for redemption in advance of the maturity thereof, and Section 5 of Ordinance No . 1716 authorizing the issuance of the 1989 Bonds provides t at the City may call such bonds for redemption on August 1 , 1999 , or on any interest payment date thereafter ata price of par plus accrued interest tote date of re e tion; an the C lty now has outstanding its Community Economic Revitalization Board Loan dated October 31 , 1989 in the original principalamount o $ 850 1 000 (the " CERB Loan " o w c , 675 . 66 is currently outstanding and : prepayable i advance o the maturity thereof, an WBEREAS Section of Ordinance No1726 authorizing the issuance of the CERB Loan provides t at the City may accelerate and prepay any or all of the principala on of such loan a any time , ata price of par plus accrued interest tote date of prepayment ; an It appears to theity Council that It is in the best interest oft e City and its inhabitants that the City construct equip a police administrative faculty ; an WHEREAS , in order to provide the funds required for such capital improvements and after due consideration it appears to the City Council of the City (the " Council " ) that the callable portions of the 1989 Bonds and the CERB Loan may be refunded by the issuance and sale of the unlimited tax general obligation refunding bonds and the limited tax general obligation and refunding bonds of the City authorized herein so that a substantial savings to the City and its taxpayers will be effected by the issuance of such bonds and the payment and redemption of the callable portion of the 1989 Bonds on August 1 , 1999 and the prepayment of the CERB Loan on December 1 , 1996 ; and AS , in order to effect , such refunding i ��� n the manner that will be most advantageous to the City and its taxpayers , it is hereby found necessary and advisable that an escrow agent be appointed and that certain " Acquired Obligations " (hereinafter identified) be purchased out of the proceeds of sale of the refunding bonds and certain money of the City ; NOW, THEREFORE THE CITY COUNCIL, OF THE CITY OF CAMAS WASFUNGTON , DOES ORDAIN , as follows : Section 1 . Definitions The following words and terms as used in this ordinance shall have the following meanings for all purposes of this ordinance , unless some other meaning is plainly intended . " Acquired Obligations " means the obligations acquired pursuant to Section 12 hereof to refund the Refunded Bonds , " Advance Refunding Account " means the City of Camas Unlimited Tax General Obligation Bond Advance Refunding Account established by Section 12 hereof. " Arbitrage and Tax Certification " means the certificate executed by the Finance Director pertaining, to the calculation and payment of any Rebate Amount with respect to the Bonds . " Bond Funds " means the " Unlimited Tax General Obligation Bond Redemption Fund , 1996 ' ► and " Limited Tax General Obligation Refunding Bond Redemption Fund , 1996 " established pursuant to Section 8 hereof. - 2 - FWWOAS . DOC 96/ 10/28 i i Til o egister ° ' sans t e registration books maintained y the on egistrar or u oses * o identifying o ers i of the Bonds . " Bond Registrar " means the fiscal agency of the State of Washingtonin either Seattle ,, Washington, or New York , New York, for the purposes of registering and authenticating the Bonds maintaining the Bond Register, effecting the transfer of ownership of the Bonds an paying interest on and principalof the Bonds . o " or " ® " means all ora portion of t ei of Camas , Washington , Unlimited Tax General Obligation Refunding Bonds , 1996 ( " Bonds " ) and LimitedTax General Obligation and Refunding Bonds , 1996 ( " Bonds " ) , issued ursuant tot is ordinance . Loan " means the loan in the amount of 50 , 000 from the Community Revitalization Board tote City incurred ursuant to Ordinance No . 1726 passed August 28 , 19890 " Code " means the Internal Revenue Coe of 1986 , as amended . Any reference to provision of the Code shall include the applicable regulations of the Department of the Treasury promulgated or proposed withrespect to such provision . 11 onunission ° ' means the Securities and Exchange Commission . " Construction un means the " City of a s oast ctio , 1996 " create y this ordinance . " Council " eans e ity ouncil o the ity, t e general legislative body of the ity, as e same shall be duly and regularly constituted from time to time . " Escrow gent " means the bank or trust company appointed byte Finance Director pursuant to Section 12 hereof " Escrow gree et " means the agreement between the City and the Escrow Agent entered into pursuant to Section 13 hereof " FinanceDirector " means the Finance Director of the City or any other officer who succeeds tote duties now delegated to that office . - 3 - FVVVVOAS . DOC 96/10/28 11 surer1 ° means MBIA Insurance Corporation a stock insurance company incorporated ki under the laws of the State of NewYork , " Insurance Policy " means the policy of bond insurance issued withrespect tot e Bonds by the Insurer . " 01means the Municipal Securities Rulemaking Board or any successor to its functions , " 1989 Bo s ° ' means the City of Camas , Washington, Unlimited Tax General Obligation Bonds 1989 issued urs a t to Ordinance No . 1716 of the City under date of August 1 , 19890 " " means a nationally® recognized municipal securities information repository . " Rebate Amount " means the amount if any , determined to be payable with respect tot e Bonds by the City tote United States of America in accordance with Section ( of the Code . " Refunded Bon s " means the Refunded 1989 Bonds and the Refunded CERB Loan . " Refunded CERB Loa P1 means the principal amount outsta l g oft e CERB Loan . " Refunded 1989 Bonds " means the 1989 Bonds maturing on and after August 1 , 2000 . " Rule " means the Commission' s Rule 15c2 ® 12 under the Securities and Exchange Act o 1934 as the same may be amended fro ti e4o4i e . " SID " means the state information de oslto ort e Statef of Washington (if one is create ) , Section i i gs and Authorizationof Improvements . The City Council hereby finds that the public interest , welfare and benefit of the inhabitants of the City require that the City undertake the following : construct furnish and landscape a police admimstrative facility . The estimated cost of paying the cost of these acquisitions and improvements a 1 costs incidental thereto and the issuance of the Bonds is estimated o 2 , 500 , 000 . Section 3 . Authorization of Bonds , Ae r ose and Authorization of Bonds . The City shall now issue and sell ( 1 ) the UTGO Bonds i the aggregate principal amount o 1 , 000 , 000 forte purpose of refunding the Refunded 1989 Bonds and paying the expenses incidental to such refunding and tot e issuance of ® L� ® FWWOAS . DOC 96/10/28 a to o s a (2 ) the L, Bonds iprincipal t o aggregatea out o 3 , 110 , 000 to provide money to finance the construction and improvements escrie in Section 2 and to prepay the CERB Loan and paying the ex pe ses incidental to such refunding and tot e issuance of the LTGO Bonds . Des ,c ' do . The Bonds shall be issued int o series and designated " City o Camas Washington,' Unlimited Tax GeneralObligation e n in o s , 1996 " an i y o Camas , Washington , i ' ted Tax General Obligation and Refunding Bonds , 1996 . " The Bonds shall be dated November 1 , 1996 , shall be fully registered as to both principala interest shall be i the e o i atio o 5 , 000 each or integralmultiple thereof (buto on shall represent ore than one maturity) , shall be numbered separately in such a er and withany actclitional designationas the Bond Registrar deems necessary for purposes of identification . The Bonds shall bear interest ( computed on the basis of a 3 60 ® ay year of twelve 30 - day months ) fro their date or from the most recent interest payment date to which interest as been al or duly provided for, whichever is later, payable on June 1 , 1997 , and semiannually thereafter on the first days of each succeeding December I and June 1 , to the maturity or earlier redemption of the Bonds , at the rates set forth below and shall mature on the dates and in the amounts set forth below . UTGO BONDS Maturity Principal Interest Date Amount Rate December 1 , 1997 10 , 000 3 . 80 % December 1 , 1998 15 , 000 4 . 15 December 1 , 1999 15 , 000 4035 December 1 , 2000 80 , 000 4045 December 1 , 2001 85 , 000 4455 December 1 , 2002 90 , 000 4070 December 1 , 2003 95 , 000 4 . 80 December 1 , 2004 100 , 000 4090 December 1 , 2005 105 , 000 5 . 00 December 1 , 2006 110 , 000 5 . 05 December 1 , 2007 120 , 000 5 . 10 December 1 , 2008 115 , 000 5 . 20 June 1 , 2009 60 , 000 5030 5 ® FWWOAS . DOC 96/10/28 LTGO B OND S Maturity Principal Interest Date Amount Rate December 1 , 1997 $ 135 , 000 3 . 80 % December 1 , 1998 155 , 000 4 . 15 December 1 , 1999 160 , 000 4 . 35 December 1 , 2000 170 , 000 4 . 50 December 1 , 2001 175 , 000 4 . 60 December 1 , 2002 185 , 000 4 . 70 December 1 , 2003 195 , 000 4 . 80 December 1 , 2004 205 , 000 4 . 90 December 1 , 2005 210 , 000 5 . 00 December 1 , 2006 225 , 000 5 . 05 December 1 , 2007 235 000 5 . 10 December 1 , 2008 245 , 000 5 . 20 December 1 , 2009 260 , 000 5 . 25 December 1 , 2010 270 , 000 5 . 40 December 1 , 2011 285 , 000 5 . 45 C . Registration; Transfers . The City hereby specifies and adopts the system of registration for the Bonds approved by the State Finance Committee, and the fiscal agencies of the State of Washington in the cities of Seattle , Washington, and New York, New York, shall act as authenticating trustee , transfer agent, paying agent and registrar for the Bonds ( collectively, the " Bond Registrar The Bond Registrar shall keep , or cause to be kept, at i rts principal corporate trust office , sufficient records for the registration and transfer of the Bonds which shall at all times be open to inspection by the City . The Bond Registrar is authorized , on behalf of the City, to authenticate and deliver Bonds transferred or exchanged in accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond Registrar' s powers and duties under this ordinance . The Bond Registrar shall be responsible for its representations contained in the Certificate of Authentication on the Bonds . The Bond Registrar may become the owner of any Bonds with the same rights it would have if it were not the Bond Registrar, and to the extent permitted by law, may act as depositary for and permit any of its officers or directors to act as a member of, or in any other capacity with respect to , any committee formed to protect the rights of Bondowners . - 6 - FWWOAS. DOC 96/10/28 If Both rincia of and interest on the Bonds shall be payable in lawful money of the United States of America . Interest on the Bonds shall be paid by check or draft of the Bond Registrar ails ( on the date such interest isdue ) to the registered owners or nominees at the addresses appearing on the Bond Register on the fifteenth day of the month preceding each interest payment ate . Principal of the Bonds shall be payable upon presentationand surrender of the Bonds tot e Bond egistrar by the registered owners or nominees at the principal offices of the Bond Registrar Int e cities of Seattle , Washington , or New York , New York , The Bonds may be transferred only on the Bond Register maintained by the Bond Registrar for that purpose upon the surrender thereof by the registered owner or nominee or his/her duly authorized agent and only if endorsed in the manner provided thereon, a thereupon new fully registered Bondof like principalamount , at rity and interest rates all be issued to e transferee i eexchange therefor . o surrender thereof tote Bond Registrar , the Bonds are interchangeable for Bonds in any authorized eno ination of an equal aggregate principal amount and of the same interest rates and maturities . Such transfer or exchange shall be without cost to the registered owner or transferee . The it a es the person in hose name each and is City y registeredto be the absolute owner thereof for the purpose of receiving payment of the principal of and interest on such Bonds and for any and all other purposes whatsoever . Section s e do and Purchase of Bonds . Optional Redemption . The Bonds maturing in the years 1997 through 2006 are not subject to redemption in advance of their scheduled atrity . The Bonds maturing on and after December 1 , 2007 are subject to redemptionat the o ption of the City on or after December 1 , 2006 in whole or in partat any time ( and if in part , with aturitles to be selected by the City And by lot within a maturity in such manner as the Bond Registrar shall determine) , at par, plus accrued interest to the date of redemption . Notice of Call . Unless waived by any owner of Bonds to be redeemed , official notice of any such redemption shall be given by the Bond Registrar on behalf of the City by - 7 - FWWOAS . DOC 96/ 10/28 ailing a co y o a o cia re e do notice y first class - ail , postage prepaid , at least 30 days and of more than 60 days prior tote date fixed for redemption tote registered owner oft e Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owner tot e Bond Registrar . 1 official notices of redemption sall be dated and shall state : ( 1 ) the redemption date , ( ) e re e do rice , ( 3 ) if less than all ousta ing Bonds are to be redeemed , the identification ( and , in the Case of a lal redemption the respective principalamounts ) oft e Bonds to be redeemed , (4 ) that on the redemption date the redemption pr ' ce will become due and payable upon each such o or portion thereof called forredemption, and that interest thereon shall cease to accrue from and after said ate , a ) the place where such ons are to be surrendered orpayment o the re e do rice , is lace of payment shall be the principal office of the Bond Registrar , On or prior to any redemption date , the City shall deposit with the Bond Registrar a amount of moneysufficient to pay the redemption price of all the Bonds or portions of Bonds whichare to be redeemed on that date . The requirements oft is section shall be deemed to be complied It when notice is mailed as provided , whether or not It 1S actually received by the owner of any Bond , Effect o all . ictal notice o re e do avi g ee give as aforesai , the Bonds or portions of Bonds to be redeemed shall, on the redemption date , become due an payable at the redemption pr ' Ce therein specified , an ® and after such ate (unless t e City shall default in the payment of the redemptionprice) such o s or portions of Bonds shall cease to bear interest . Upon surrender o such ons for redemption in accordance with said notice , such Bonds shall be paidy the Bond Registrar at the redemption ° ce . Installments of interest e on or prior tot e redemption ate shall be payable as herein providedfor payment of interest , Bonds whhave been redeemed shall be cancelled and destroyedy the Bond Registrar an all not be reissued . ® - FWWOAS . DOC 96/10/28 r Do a iale e do o on s . o io s of any on , i install ants o $ 5 , 000 or any integral multiple of such 5 , 000 , may be redeemed in accordance with the schedule set forth above . If less than all of the principala out of any Bond is redeemed , o surrender of such Bond at the principal office of the Bond Registrar there shall be issued to the registered ow ner, without charge therefor, for the then unredeemed balance of the principala on thereof, a new Bond or Bonds of ll eaturity and interest rate in any of the denominations authorized y this ordinance . Es Additional Redemption Notice . In additiontot e foregoing notice , further notice shall be given by the Bond Registrar on behalf of the City as set forth below, but no defect in said further notice nor any failure to give all or any portion of such rt er notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above described . ( 1 ) Each further notice of redemption given hereunder shall contain the information required above for an official notice of redemption p1 s (1) the CUSIP numbers , if any , of all Bonds being redeemed ; (ii) the date of issue of the Bonds as originally issued ; (111) the rate of interest borne by each on being redeemed ; (iv) the maturity date of each o eing redeemed ; an (v) any other descriptive information nee e to identify accurately the Bonds being redeemed . . ( 2 ) Each further notice of redemption sall be set at least 35 days before the redemption date to the SID , if any , and to each or to the MSRB in accordance witti Section 16 and may be sent to all registered securities depositories then In the business of holding substantial amounts of obligations of types comprising the Bonds , (3 ) Upon the payment of the redemption price of Bonds being redeemed , each check or other transfer of s issue for such purpose s bear e number (i any) identifying , y issue and maturity , the Bonds being redeemed it the proceeds of such check or other transfer . Fe Oven Market Purchase . The City reserves the right to purchase any or all oft e Bonds o the open ar et at any time at any price . - 9 - FWWOAS . DOC 96/10/28 Section 5 , Form of Bonds' . The Bonds shall be in substantially the following form : STATEMENT F INSURANCE Insurance Corporation (the " Insurer " ) has issued a policy containing the following provisions , such policy being on file at the principal office of the Fiscal Agency of the State of Washington in NewYork , New York or Seattle , Washington . The Insurer, in consideraiton of the payment of the premium and subject tote terms o e policy, hereby unconditionally and irrevocably guarantees to any owner , as hereinafter defined , of the following described obligations , t o full and complete payment required o be made by or on behalf of the City of Camas , Washington (the " Issuer " ) to the Fiscal Agency of the State o Wasgton , or its successor (t e ° ° aying gent ° ° ) , o an a oun equal to (i) t e rincipal o ( either at the stated maturity or by any advancement o at rity pursuant to a mandatory sinking ng fund payment) and interest on the Obligations ( as that term is defined below) as such payments shall become due but shall not be so paid ( except that in the event of any acceleration of the due ate of such principal by reason of mandatory or optional redemption or acceleration resulting from defaultor otherwise other than any advancement o atriy pursuant to a mandatory sinking ngpayment , the payments guaranteed hereby shall be made in such amounts an at such times as such payments of principal would have been due had there not been any such acceleration) ; a (ii) the reimbursement of any such payment which c is subsequently recovered from any owner pursuant to a final judgment by a court of competent jurisdiction tats c payment constitutes an avoidable preference to such owner within the meainng of any applicable bankruptcy law . The amounts referred to in clauses (1) an (ii) of the preceding sentences all be referred to herein collectively as the " Insure Amounts . " " Obligations to shallmean : [ $ 1 , 000 , 000 \ $ 3 , 110 , 000 ] CAMAS ,CITY OF WASHINGTON UNLIMITED TAX GENERAL OBLIGATION REFUNDING BOND 7 1996/ LIMITED TAX GENERAL OBLIGATION AND REFUNDING BOND 996 Upon receipt of telephonic or telegraphic notice , such notice subsequently confirmed in writing by registered or certified all, or upon receipt of written notice by registered or certified ail , y the Insurer from the Paying Agent or any owner of an Obligation the payment of an Insured ou or which is then due , that such required ay ent has not been made , the Insurer on the due date of such payment or within one business day after receipt of notice of such nonpayment, hic ever is later, ill make a deposit of funds , in an account with tate Street Bank and Trust Company, . , in New York, New York, or its Successor, sutticient fort e payment of any such Insured Amounts which are then due . Upon presentmentand surrender o such Obligations or presentment of such other proof of ownership of the Obligations , together with any appropriate ro riate istru ets of assignment to evidence the assignment of the Insured Amounts e on the Obligations as are paid byte Insurer, and appropriate instruments toeffect the appointment of the Insurer as agent for such owners of the Obligations in any legal proceeding - 10 - FWWOAS . DOC 96/10/28 VI a surrender of this bond at either of the principal offices of the fiscal agency of the State o Washingtonin either Seattle , Washington or New York , New York ( collectively the " Bond Registrar " ) , and the interest shall be paid by mailing a check or draft tot e Registered Owner or assigns at e address shown o the re istratio books maintainedy e on eglstrar ( e " BondRegister " ) as o e 15th ay o the month ' or i ' c a i terestpayment is due . Reference is hereby made to additional provisions oft is bond set forth on the reverse side hereof and such additional provisions shall for all purposes have the same effect as if set forth i this space . This bond shall not be valid or become obligatory o any purpose or be entitled to any security or benefit under Ordinance o . 2092 (the " Bo r l a ce " ) ntll t o e lficate o Authentication hereon shall have been manually signed y the BondRegistrar . Any capitalized terms used hereinand not otherwise defined shall have the meanings as in the Bond Ordinance . It is hereby certified that all acts , conditions and things required y the Constitution an statutes oft e State of Washingtonand ordinances oft e City to exist to have happened , been done a e o e precedent to and in the issuance oft is bond have happened , been done and performed and that the issuance of this bond and the bonds of this series does not violate any co stitutiona , statuto or of er i ° tation upon teamount o o e indebtedness that the City may incur . IN WITNESS WEEREOF the City has caused this bond to be executed by the manual or facsimile signatures , , of the Mayor and the Clerk of the City, and the seal of the City to be 0 0 0 impressedor imprinted hereon, as of this first day of November, 1996 . [ SEAL ] CITY OF CAMAS WASHINGTON / s/ facsimile or manual signature Mayor / s/ fac,simile or manual signature Clerk - 12 - FWWOAS . DOC 96/10/28 related to payment of InsuredAmounts on the Obligations , such instruments being in a for satisfactory to State Street Bank and Trust Company, tate Street Bank and Trust Company , N . A . shall disburse to such owners or the Paying Agent payment of the Insured Amounts due on such ligations , less any amount e y the Paying Agent forte payment o such Insured ou is and legally available therefor . This policy does not insure against loss of any prepayment premium whichmay at any time be payable with respect to any Obligation . As used herein , the to " owner " shall mean the registered owner of any Obligation as indicated in the books maintained by the Paying Agent , the . Issuer, ora y designee of the Issuer or such purpose . The term owner shall not include t e Issuer or any party whose agreement with the Issuer constitutes the underlying Security fort e Obligatlo S . Any service of rocess on the Insurer may be made tot e Insurer at its offices located at 113 King Street , Armonk, e or 10504 and such service of process shall be valid an binding , This policy is non- cancelable fora y reason . e re o this policy is of refundable for any reasoni cl i g the payment prior to maturity of the Obligations . INSURANCEMBIA STATEUNITED STATES OF AMERICA CITY OF CAMAS BOND ,[ UNLIMITED TAX GENERAL OBLIGATION REFUNDING 1996/ LIMITED TAX GENERAL OBLIGATION AND REFUNDING BOND , 1996 REGISTEREDINTEREST RATE : MATURITY DATE : CUS11P NO . : : AMOUNT :PRINCIPAL THE CITY OF CAMAS WASHINGTON a municipal corporation of the State of Washington (the " City " ) , hereby acknowledges itself to owe and for value received promises to ay to the egistere Owner 1 entle above , ® r registers assigns , ® the Maturity ate specified above , the Principal Amount specified above and to pay interest thereon ( computed o e basis of a. 360 - day year of twelve 0 - day months) from November 1 , 1996 , or the most recent ate to which interest has been paidor duly provided for , until payment of this o at the Interest Rate set forth above , payable on December 1 , 1997 , and semiannually thereafter on the first days of each succeeding June I and December 1 . Both ricia of and interest on this bond are payable in lawful money of the United Cates of erica . rinclpaI S all e pal t ® the eglstered Owner or assigns upon presentation ® 11 - FWWOAS . DOC 96/ 10/28 6 The Bond Registrar ' s Certificate of Authentication on the Bonds shall be in substantially the following for AUTHENTICATIONCERTIFICATE OF 1S bond 1S one Oft e bonds described in the within mentioned BondOrdinance and is one of the [ Unlimited Tax General Obli9ation Refunding ' Bonds , 1996/Limited ax General Obligaiton and Refunding Bonds , 1996 ] , of the City of Camas , dated November 1 , 1996 . STATEWASHINGTON I AGENCY as Bond Registrar By Authorized Signer ADDITIONAL. This bond is one of an authorized series of bons of lie date and tenor, except as to number, amount rate of interest and date of maturity , in the aggregate principalamount o [ $ 1 , 000 , 000\ $ 3 , 110 , 000 ] issue o [ provide financing for construction and furnishing a police administrative facility and to ] refund certain outstanding [unlimited/limited ] tax general Obligation bonds o the Citys The bonds of this issue are issued under and in accordance with the provisions oft e Constitution and applicable statutes of the State of Washingtonand applicable or in ces duly adopted byte City . The City has reserved the right to redeem the outstanding Bonds maturing on and after December 1 , 2007 In whole or in partat any time (maturities t0 be selected by the City and by lot within a maturity In such manner as the Bond Registrar shall determine) on orafter December 1 , 2006 , at var, plus accrued interest tote date of redemption . The bonds of t s \ 1SS e are not " rlvate activity bonds " as such term 1S defined in the Internal Revenue Code of 1986 , as amended (the " Code " ) . T e City has designated the bonds of this issue as qualified tax- exempt Obligations under Section 265 ( ) oft e Code for banks , thrift institutions other financial institutions . The C ity hereby irrevocably covenants and agrees with the owner of this bond that it will include in its annual budget and levy taxes annually, [without limitation as to rate or amount/within. t e li ' ts permitted to cities Without a vote ] , ® all the taxableproperty in the City in amounts sufficient together with all other money legally available therefor, to pay the principalof and interest on this bond as the same shall become due . The full faith , credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment e of such principal and interest . - 13 - FWWOAS . Doc 96/ 10/28 The pledge of tax levies for repayment of principalof and interest on the bonds may be dischargedprior t0 maturity Oft e bonds by making provisions fort e payment thereof Ont e terms and conditions Set forth Int e Bond Ordinance . Bonds are interchangeable o o s of any authorized e o inatio of equal aggregate principal amount and of the same interest rate and maturity upon esenatio and surrender to the Bond Registrar The following abbreviations , e se int e inscription on the face oft e within bond , shall, e construed as though ey were written out in full according to applicable a s or regulations . TEN COM ® as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with rig t of survivorship and not as tenants in common UNIF GIFT MIN ACT Custodian ( Cust) ( under Uniform 1 s to Minors Act ( State ) Additional abbreviations may also be used though not listed above . ASSIGNMENT FOR VALUE RECEIVED the undersigned hereby sells , assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR TAYPAYER IDENTIFICATION NUMBER OF TRANSF EE (Please ° t or typewrite name and address , including zip code of Transferee) the within bondand does hereby irrevocably constitute and appoint O , or its s ccessor, as on egistrar to transfer sal on o t e oo s e t Or registration thereof with ll power of substitution int e premises , Signature ( s) must be guaranteed pursuant to law . - 14 - FWWOAS . DOC 96/10/28 r The signature on this Assignment must correspond it the name of the registered owner as it appears upon the face of the withino in every particular , without aleraio or enlargement or any change w atever . Section 6 . Execution of Bonds , The Bonds shall be executed on behalf of the City with the manual or facsimile signatures of the Mayor and the City Clerk, and shall have the seal of the City impressed or imprinted thereon . In case either or both of the officers who shall have executed the Bonds shall cease to be an officer or officers of the City before the Bonds so signed shall have been authenticated or I dg cienvered bv the Bond Registrar, or issued by the City , such ons may nevertheless be authenticated , elivere and issued , and u pon such authentication, delivery . and issuance shall be as binding upon the City as though those who signed the salve had - continued to be such officers of the City . Any Bond also play be signed and attested on behalf of the City by such persons as at the actual date of execution of such on shall be the proper o icerg oft e . ity although at the original date of such Bond any such person shall not have been such officer of the C ity . Only such ons ass all bear thereon a Certificate of Authentication in the form hereinbefore recite , manually executed y the Bond Registrar, shall be valid or obligatory or any purpose ore title tote benefits of this ordinance . Such Certificate of Authenticationshall be Conclusive evidence that the Bonds so authenticated ave been duly executed , authenticated an delivered hereunder and are entitled tote benefits of this ordinance . Section 7 . Mutilated , Lost , or Destroyed Bonds . If any Bond shall become mutilated , the Bond Registrar shall authenticate and deliver a new Bond of like series , amount ate , interest rate and tenor in exchange and substitution o the Bond so mutilated , upon the owner paying the expenses an charges of the City and the Bond Registrar in connection therewith and upon surrender tote Bond Registrar of the Bond so mutilated . Every mutilated Bondso surrendered shall be canceled and destroyedy the Bond Registrar . - 1 � - FWWOAS . DOC 96/10/28 In case t e Bonds or any of there shall be lost , stolen or destroyed , the Bond Registrar may authenticate an eiver a new Bond or Bonds of like amount date , and tenor tot e registers owner thereof upon the owner paying the expenses and charges of the City and the Bond Registrar in connection therewith and upon his/her filingwith the Bond Registrar evidence satisfactory tote Bond Registrar that such Bond or Bonds were actually lost , stolen or destroyed and of his/her ownership thereof, and upon furnishing the City and BondRegistrar with indemnity satisfactory tot e Finance Director and the Bond Registrar , Section 8 . BondFunds . There are hereby created in the office oft e Finance Director special s to be drawn u p on for the purpose of paying the principal of and interest on the Bon s t ® e known as the ° 0 1 lte Tax eneral ligati ® e n ing Q e e ti ® , 1996 " and Timited Tax General Obligation and Refunding Bond Redemption , 1996 " (together, the " Bond Funds " ) . The taxes hereafter levied or the purpose of payingprincipal o and interest on the Bonds and other funds to be used to pay the Bonds shall be deposited int e respective Bond Funds no later than the date such funds are required for the payment of principal of and interest on the Bonds . Money in the Bond Funds not needed to pay the interest or principal next coming due may temporarily be deposited in such institutions or invested in such obligations as may be lawful for the investment of City funds . Section 9 . Pledge of Taxation and Credit . The City hereby irrevocably covenants and agrees for as long as any of the UTGO Bonds are o tstan ing and unpaidthat each year it will include i its budget and levy an ad valorem tax, without limitation as to rate ora out , upon all th e property within the City subject to t atlon 1 an a ount t at will e s lClent, tog ether i all other revenues and money of the City legally available for . such purposes , to pay the principal of and interest on the UTGO Bonds as the same shall become due . The City hereby irrevocably covenants and agrees for so Ion as any of the LTGO Bonds are outstanding and unpaid that each year it will include in its budget and levy an ad valorem tax, within the limits permitted to cities without a vote oft e people , upon all the property within the City subject to taxation in an amount that will be sufficient together with all other revenues and - 16 - FWWOAS. DOC 96/10/28 money of e City legally available or such ur oses , to ay t eprincipal of an interest o the Bonds as the same shall become due . The City hereby irrevocably pledges that a sufficient o io of each annual e to be levied and collected by the , Cityprior to the Aill payment of the principal of and interest on the Bonds will be and is hereby irrevocably set aside , pledged and appropriated for the payment of the principalof and interest on the Bonds . The full faith credit and resources of the City are hereby irrevocably pledged fort e annual levy and collection of said taxes and for the prompt payment of e principal of and interest on the Bonds as the same shall become due . Section 10 , Defeasance . In - the event that money and/or " ova e ligations , " as such obligations are now or may hereafter be defined in Chapter 39 . 53 RCW, maturing at such time or times and bearing interest to be earned thereon in amounts ( with other such o ey , if necessary) sufficient to redeem and retire , refund or defease part or all of the Bonds i accordance with their terms are Set aside in a special account or accounts oft e City toeffect suchredemptionan retirement and such money an the principal of and interest on such Government Obligations are irrevocably set aside and pledgedfor such rose , then no further payments need be made into the BondFund ( s) fort e payment oft e principal of and interest o the Bonds so provided for, and such Bonds shall cease to be entitled to any lien, benefit or security o this ordinance except the right to receive the money so Set aside and pledged , and such Bonds shall be deemed not to be outstanding ere n er . Within0 days of any defeasance o Bonds the City shall provide notice of defeasance of Bonds to registered owners and to each NRMSIR and SID , if any, In accordance with ectio 21 hereof. Section 11 . Creation of Construction nApplication of BondProceeds . A special fund of the ,C ityknown as the " C iy of Camas Construction Fund , 1996 " is hereby created in the office of the Finance Manager of the C AyeThe Construction Fund shall be used to pay the costs oft e acquisitions and improvements ' describe in Section 2 . At the time of delivery of the Bonds , the proceeds of the Bonds shall be deposited as follows : ® 17 - FWWOAS . DOC 96/10/28 ( a) The amount equal tot e interest (if any) accruing on the Bonds from their date to the date oftheir delivery shall be deposited in the respective Bond Funds . (b ) Out of the proceeds from e LTGO Bonds , an amount sufficient t ® pay and refund the Refunded CERB Loanon December 1 , 1996 shall be so applied . The balance oft e proceeds shall be deposited into the Construction Fund and used to pay the costs of the capital improvements escrl e in Sectionhereof and all costs incidental t ereto and tote issuance of to LTGO Bonds . ( c) ThUTGO Bondproceeds shall be used to accomplish the refunding oft e Refunded on s , as set forth in Section 12 hereof, and to pay costs of issuing the UTGO Bonds . Money remaining in the Construction Fund after all of such costs have been paidor reimbursed a e used to pay costs of other legally authorized capital expenditures of the City ors all be deposited in the Bond Fund . Money in the Construction Fundmay be invested as permitted y law . All interest earned and profits derived from such investments shall be retains in and become a part of the Construction Fund or deposited into the Bond Fund . Section 12 . Advance Refunding Account . There is hereby authorized and established a special account of the City to be maintained withthe Escrow Agent to be known as the " C iy of Camas 1996 Unlimited Tax General ObligationAdvance Refunding Account " (the " Advance Refunding Account " ) , which account shall be drawno or the sole purpose of paying the principalof and interest on the Refunded 1989 Bonds and of paying costs related to issuance o e UTGO Bonds and refunding the Refunded 1989 Bonds , Money in the Advance Refunding Account shall be used immediately on receipt thereof o defease the Refunded UTGO Bonds and discharge the other obligations of the ' City relating thereto under Ordinance Nos . 1716 and 1726 of the City, by providing for the payment oft e principal of and interest on the Refunded UTGO Bonds as set forth below . The City shall defease such ons and discharge such obligations by the use of money in the Advance Refunding ccount to purchase certain " Government Obligations , " as such obligations are define i - 18d FWWOAS . DOC 96/10/28 Chapter 39 . 53 RCW as now or hereafteramended (which obligations so purchased , are herein called " Acquired lig g Obligations bearing' such interest aprincipal turing as toa interest i such o tS and at such times which, together with any necessary b .egin ° g cash balance , will provide for the payment o ( a) e interest on the 1989 Refunded Bonds due and payableo and prior to August , 1999 ; an (b ) e redemption price ( 100 % of the principalamount ) aya le on August 1 , 1999 , Oto Refunded 199 Bonds . Such c ire Obligations shall be purchased at a yield of greater than e yield permitted the Code and regulations relating to acquired obligations in connection it refunding bond issues . In order to carry out the advance re i g and defeasance of the Refunded 1989 Bonds , the Finance Director is hereby authorized to appoint as escrow agent a bank or trust company qualifi ed by law to perform the duties described herein (the " Escrow gent " ) . Any beginning cash balance and* the Acquired Obligations shall be irrevocably deposited with the Escrow Agent 0 in an amount sufficient to defease and redeem the Refunded 1989 Bonds in accordance with this , Section 12 and Section13 of this ordinance . Any amounts described in subparagraphs ( a) through (b ) o this section that are not provided fori l such egi ° g cash balance and the purchase deposit of the Acquired Obligations described in this section shall be provided for by the irrevocable depositf the necessary amount out oft e proceeds of sale of the UTGO Bonds or any other money of the C ity legallyavailable therefor with the Escrow Agent . The proceeds of the Bonds remaining in the Advance Refunding Accounts after acquisition of the Acquired Obligations and - provision for the necessary beginningcash balance shall be utilized to pay . expenses of the acquisition and safekeeping of the Acquired Obligations and the costs of issuing the UTGO Bonds . The City may, fromtime to tim e , transfer, or cause to be transferrek from the Advance Refunding Accounts any money not thereafter require forte purposes set forth i subparagraphs ( a) through (b ) above , subject to verification In writing y a ine e et certified - 19 ® FWWOAS . DOC 96/ 10/28 u blic accountant that such transfer will not result in inadequate n s being available to make the required payments therefrom . e City reserves the right to substitute other securities for the Acquired Oligatio S in the event it may do So pursuant to section 148 oft e Code and applicable regulations thereunder, u o compliance with the conditions set forth in the Escrow Agreement , Section 13 . Redemption of RefundedBonds . The City hereby irrevocably sets aside sufficient funds through the purchase of Acquired Obligations and an initial cash e osit to make the payments specified in subparagraphs ( a) through ) of Section 12 above . The City hereby irrevocably calls for redemption on August 1 , 1999 , the Refunded 1989 Bonds i accordance wi e provisions of Section5 of Ordinance No . 1716 . The City hereby irrevocably calls for redemption on December 1 , 1996 , the Refunded CERB Loan in accordance with Sectionof Ordinance No . 1726 . Said defeasance and call for redemption of the Refunded Bonds shall be irrevocable aer the final establishment of the Advance Refunding Accounts and deliveryof the Acquired O bligations an the requisite cash e osit, i any , to Escrow gent , except as rovi e herein relating tot e substitution of Securities . The Escrow Agent is hereby authorized and directedto notify the fiscal agent to give once oft e redemption of the Refunded Bonds in accordance with the applicable provisions o Ordinance os . 1716 and 1726 . The Finance Director is authorized and requested to provide whatever assistance 1S necessary to accomplish such redemption and the giving of notice therefor . The costs of publication of such notices all be an expense of the City . The Escrow Agent is hereby authorized and directedto pay tote fiscal agency or agencies of the State of Washington, sums sufficient to pay, when due , the payments specified in subparagraphs through (b ) of Section 12 above . All such sums shall be paid from the money an cqulre bllgatlo s e oSlte It Sal Escrowgent pursuant to Section 12 of this ordinance and the income t erefro and proceeds thereof All such sums so paid shall be credited tote Advance Refunding Accounts . All money and Acquired Obligations deposits with said a and any income therefrom shall be held , invested and applied in accordance with ® 20 ® FwwOAS . DOC 96/10/28 the provisions oft is ordinance and with the laws oft e State of Washington for the benefit oft e City and owners of the Refunded 1989 Bonds . The City will take such actions as are found necessaryto see that all necessary and proper fees , compensation and expenses of the Escrow Agents all be paid when due . The proper officers and agents of the City are directed to obtain from the Escrow Agent an agreement setting forth the duties , obligations a responsibilities of the Escrow Agent in connection with the redemption and retirement of the Refunded Bonds as provided hereinand makingprovision for payment oft e fees , compensation and expenses of such scro get as may be satisfactory to i . Such agreement shall be in substantially the form set forth in Exhibit A attached to this ordinance and incorporated ereln by this reference . The Finance Director is authorized to execute and deliver such agreement on behalf of the ity * Section i i s of Savins and Defeasance . The Council hereby finds and determines that the issuance and sale of the Bonds at this time will effect a savings tote City and its taxpayers . In making Such finding and determination the Council has given consideration to e interest on and the fixed maturities of the Bonds and the Refunded 1989 Bonds , the costs of issuance of the Bonds and the known earned income fro . the investment oft e proceeds of sale of the Bonds pending redemption and payment of the Refunded 1989 Bonds . The Council hereby also finds and determines that the Acquired Obligations to be deposited it the Escrowget and the income t erero together with any necessary beginning cash balance , are sufficient to redeem the Refunded Bonds and will discharge and satisfy the obligations of the City under the ordinances and resolutionauthorizing the issuance of the Refunded 1989 Bonds and the pledges of the City therein . Immediately upon the delivery o such Acquired bligations to the Escrow Agent and the deposit of any necessary beginning can balance , the Refunded Bonds shall be deemed not to be outstanding under Ordinance Nos . 1716 and 1726 of the City and shall cease to be entitled to any lien, benefit or security under such ordinances and resolution except the right to receive payment from the Acquired Obligations an beginning cash balance so set aside and pledged , - 21 - FWWOAS . DOC 96/ 10/28 Section 15 . Tax Covenants , Special Designation . AO No Arbitrae or Private Actlygy Bonds . The City hereby Covenants that It will not make any use of the proceeds from the sale of the Bonds or any other s of the City that may e deemed to be proceeds of such Bonds pursuant to Section 148 of the Code and the applicable regulations thereunder t a ill cause the Bonds to be " arbitrage bonds " within the meaning o Sal Sectiona said regulations . e City 111 comply It t e a lice le re ire e is of Section of the Code ( or any successor provision thereof applicable to the Bonds ) and the applicable reg atio s thereunder t o g o t the term of the Bonds . The City further covenants that it will not take any action or permit any action t ® be taken at would cause the Bonds to constitute " private activity bonds " under Section 141 of the Code . Arbil. e ate . The City will pay the Rebate Amount , if any, tote United Cates of America at the times and in the amounts ecessa to meet the requirements oft e Code to maintain the federal income tax exemption for interest paymentso the Bonds , in accordance with the Arbitrage and Tax Certification . CO Special Designation . The City hereby designates the Bonds as " qualified tax- exempt obligations under Section 65 (b ) of the Code . The City does not expect to issue more a 10 , 000 , 000 in qualifiedtax® exempt obligations during the calendar year 1996 . Section 16 . Sale of Bonds . The City Council finds and determines that the Purchase Contract that is attached to this ordinance and incorporated herel y this reference is fair an reasonable ain the bestinterest of the C ity and that the Bonds shall be sold upone terms an conditions set forth in the Purchase Contract and upon the basis of the representations therein set forth . ity hereby accepts the Purchase Contract and hereby e t orizesn directs the Mayor to execute the Purchase Contract and deliver It to Bank of Americadoing business as Seafirst Bank (the " c aser " ) . The Bonds shall be issued and deliveredtot e Purchaser upon payment oft e purchase rice specifle in the Purchase Contract , plus accrued interest from their date tot e date of delivery . ® 22 - FWWOAS . DOC 96/ 10/28 Section 17 . Approval of Prelimingy Official Statement . The City hereby approves the Preliminary ictal Statement presented herewithtot e Council and authorizes the distribution of e Preliminary Officialto e t in connection it the public sale of the Bonds . Pursuant to ec rities aExchangeCo lsslo ule 15 c - 1 ( " e 15 c2 - 1 " , t e ity hereby ee s e Preliminary Official Statement as final as of its date except for the omission of information dependent ® the pricing of the issue , such as offering prices , interest rates , selling compensation, aggregate principalamount , principalamount er maturity,, delivery date , and other terms oft e Bonds dependent on the foregoing matters . The City agrees to cooperate with the underwriters to deliver or cause to be delivered within seven business days from e date oft e public Sale of the Bonds and in sufficient tl e to accompany any confirmation that requests payment r any customer of the underwriters , copies of a final official statement in sufficient quantity to comply with aragr (b ) ( 4 ) of Rule 15c2 ® 12 and the rules of the Municipal Securities _ e ® a ° ng Board . The Finance Director is hereby authorized o approve on behalf of the City a final Official Statement with respect tate Bonds substantially in the form of the preliminary Official Statement , Section 18 . General Authorization . The Mayor, the Finance Director , and the City Clerk of the City and each of the other ar® riate officers , agents and representatives of the City are each hereby authorized and directedto tae such steps , to do such other acts and things , and to execute such letters , certificates agreements , papers , financing statements , assignments or instruments as intheir judgment ay be necessary, appropriate or desirablei order to carry out e terms and provisions o , and complete the transactions contemplated y , this ordinance . Section 19 . Prior Acts . All acts taken pursuant tote authorityof this ordinance but prioro its effective date are hereby ratified confirmed . Section 20 . Severablhty . If any one or more of the covenants or agreements provided in this ordinance to be performed on the part of the City shall be declared by any court of competent jurisdiction to be contrary to law , then such covenant or covenants , agreement or - 23 - FWWOAS . DOC 96/ 10/28 agreements shall be null and void n shall be deemed separable from the remaining Covenants and agreements oft is ordinance and shall in no way affect the validity oft e other provisions of is ordinance or of the Bonds , Section 21 . Undertaking t0 Provide Ongoina Disclosure . Ontract erta ' n . This section constitutes theCity ' s written undertaking for s benefit oft e owners of the Bonds as required y Section (b ) ( 5 ) of the Rule . Be Financial Statements/ Operating Data , The City agrees t0 provide Or Cause t0 be provided to each nationally recognized ' cl a securities information repository ( " NRMSIR " ) and tote state information de osito or the State of Washington (if one is create ) ( ► ► " ) , i each case as designated by the Commission in accordance with the Rule , the following annual financial information and operatin 9 data for the prior fiscal year ( commencing in 1997 fort e fiscal year ended ece r 31 , 1996 ) : i) annual financial statements prepared in accordance with the Budget Accounting and Reporting System ( " BARS " ) prescribed by the State Auditor pursuant to RCW 43 . 09 . 200 ( or any successor statute) ; (ii) the assessed valuation of taxable property in theCity ; (iii) ad valorem taxes due and percentage of taxes collected ; (IV) property tax levy rates per $ 1 , 000 of assessed valuation ; a (v) outstanding general obligation debt oft e ite Such annual information and operating ata described above will be so provided on or e ore the en of ' emonths after the e o the iy ► s kcal year . e City ' s current kcal year en s o December 31 . lieu o rovi ing such annual financial lnformation and operating data, the City may cross - reference to other documents provided tote NRMSK , the SID or tot e Commission, , if such o ent is a final official statement within the meaningof the Rule , such ocu et will be available from the Municipal Securities Rulemaking Board ► ' ► ► ) The City agrees to provide or cause to be provided , in a timely manner, to each Or to the MSRB and tot e SID notice Of its failure t0 provide the annual financial information and operating data described above on or prior to the date set forth above . - 24 - FWWOAS . DOC 96/ 10/28 If of provided as a o the annual financial information discussedabove , the City ill provide theCity ' s audited annual financial statement prepared in accordance with prescribed y the State Auditor pursuant tote statute cited above ( or any " successor statutes ) when and if available to each ten existing and the SID , CO Material Events . The City agrees to provide or Cause to be provided , in a timely manner tote SID , if any, and to each or tote MSRB notice oft e occurrence of any of the following events with respect tote Bonds , ifmaterial : I Principala interest payment delinquencies ; 20 Non- payment related defaults ; 30 Unscheduled draws on debt service reserves if any, for the Bonds reflecting financial difficulties ; 40 Unscheduled draws on credit enhancements if any , for the Bonds reflecting financial difficulties ; 5 * Substitution of credit or liquidity providers , if any, or their failure to perform ; 60 Adverse tax opinions or events affecting t e tax- exempt Status oft e Bonds 70 modifications tote rightso 0 owners ; do al re e do o Bonds ` or totheir a ` y; Defeasance of the Bonds ; 100 Release , substitution or sale of property, if any, securing repayment oft e Bonds ; and lie Rating change for the Bonds . With reference to items 3 , 4 5 and 10 above no debt service reserves or credit enhancements secure payment of the Bonds and no property secures repayment of the Bonds . If the C ity subsequently chooses to establish any debt service , reserves or to provide credit enhancement or property as security for the Bonds , the City will provide notice of such - 25 ® FWWOAS . DOC 96/10/28 seta is s or rovlsio a i11 rovi s otice ofmaterial° events relating thereto , should such events occur . The only no ® ay e t related default is a failure to levy sufficient taxes pursuant to Section ereof er 1 atl0 O 1 cation . e sty ' s obligations to provide annual financial information and notices of material events shall terminate upon t e , legal defeasance , prior redemption or payment in full of all of the Bonds . This section or any provision hereof, shall be nu 11 a vol if the lty ( 1 ) obtains an opinion of atlonally recogruzed bondcounsel tot e effect that those portions oft e Rule which require this section or any such rovisio , are invalid , ave been repealed retroactively or otherwise do not apply tote Bonds ; a (2 ) notifies each then existing NRMSIR and the SID , if any, of such opinion a the cancellation oft is section . describe such e e t in the next annual report , and shall include , as applicable , a narrative Bond wer ' s Remedies Under This Section . The right of any Bond Owner or Beneficial Owner of Bonds to enforce the provisions of this section shall be limited to a right to obtain specific enforcement of theCity ' s obligations hereunder, and any failure by the City to comply with e provisions of tins undertakings all not be an event of default with respect tot e Bonds hereunde r . For purposes of this section, " Beneficial Owner " means any person who has the power, directly or In lrectly, to vote or consent it res act t0 , Or t0 ispose of ownership of, any Bonds , including persons holding Bonds through nominees or depositories . Section Payments Under the Insurance olio . WMEMN Aw In the event that on the second business day, and again. on the business day, prior to the payment date on the Bonds , the Bond Registrar has not received sufficient oney to pay all principal of and interest on the Bonds due on the second following or following , as the case may e , business ay, e o Registrar shall immediately oti s Insurer or its designee on the same business day by telephone or telegraph, confirmed in writing by registered or certified ail , of thea out of the deficiency . Be If the deficiency is made up in whole or in partprior to or on the payment date , the Bond Registrar shall so notify the Insurer or its desiRnee , - 2 & FWWOAS . DOC 96/10/28 Ce In addition, if the Bond Registrar has notice that any bondowner has been required to disgorge payments of principalor interest on the Bonds to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes a voidable preference to such bondowner within the meaning of any applicable bankruptcy laws , then the Bond Registrar shall notify the Insurer or its designee of such fact by telephone or telegraphic notice confirmedi writing y re istere or certified ail . Do The on Registrar is hereby irrevocably designated , appointed , irece an authorized to act as attorney® in4act for owners of the Bonds as follows : 1 If and tote extent there is a deficiency in amounts require to pay interest on the Bonds , the Bond Registrar shall ( a) execute aeiver to State Street Bank and Trust o a y, . , or its successors under the insurance oi (the " Insurance cy eying Agent " ) , i form satisfactory tot e insurance paying agent , an instrument a of ting the Insurer as agent or such owners in any legal proceeding related tot e - payment of such interest and an assignment to the Insurer of the claims for interest to which such deficiency relates and which are paid by the Insurer , (b ) receive as designee of the respective owners ( and not as Bond Registrar) i accordance with the tenor of the Insurance Policy payment from the Insurance Paying Agent with respect tot e claims or interest so assigned , an c) disburse the same to such respective owners ; and 20 If and to the extent of a deficiency in amounts required to pay principal of the Bonds , the Bond Registrar shall ( a) execute and deliver tote Insurance Paying Agent in form satisfactory tote Insurance Paying Agent an instrument appointing t e Insurer as agent for such owner in any legal proceeding relating tote payment of such ci and an assignment tot e Insurer of any of the Bonds surrendered tote Insurance Paying Agent of so much oft e principalamount thereof as has not previously been paid or for which moneys are not held by the Bond egistrar and available for such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received) , (b ) receive as designee of the respective ® 27 � FWWOAS . DOC 96/ 10/28 owners ( and nof as Bond Registrar) in accordance with the tenor of the Insurance Policy payment therefor from e Insurance Bond Registrar, an ( c) dthe same - to such owner . Payments with respect to claims for interest On and principal Of Bonds disbursed y the Bond Registrar from proceeds of the Insurance Policy shall not be considered to discharge the oliga.tio o t e ity it respect o such Bonds , and the Insurer shall become the owner o such unpaid O an claims fort e interest in accordance with the tenor Oft e assignment made to it under the provisions Of this subsection Or otherwise . FO Irrespective of whether any such assignment is executed and delivered , the City and the Bond Registrar hereby agree for the benefit of the Insurer at : I They recognize that tote extent the Insurer makes payments , directly or indirectly ( as by paying through the Paying gent) , on account of principal of Or interest on the Bonds the Insurer will be subrogated tot e rights of such owners to receive the amount of such principal and interest from the City , with interest thereon as provided and solely from the sources stated in this ordinance and the Bonds ; an 20 They will accordingly pay tote Insurer the amount of such principal an interest (including principal and interest recovered under subparagraph (11) of the first paragraph of the Insurance Policy, which principal and interests all be deemed Past due and not to have ee ai ) , It 1 terest t ereo as rove e 1 t ° s o 1 a ce a _ t o on s , but y from e Sources a the manner rovl eherein fort e payment of principal of and interest on the Bonds to owners , and will otherwise treat the Insurer as the owner of suchrights tot e amount o such ri Cl al and interest , connection It the issuance Of Future Parity Bonds the C lty shall deliver to the surer a co of e disclosure document i any , circulate it res ect o suc t rePanty Bonds . He The Insurer shall receive copies of the C it ' s audited financial statements an annual budget , - 2 - FWWOAS . DOC 96/10/28 I . �' opies of any amendments made to the documents executed in connection with the issuance of the Bonds, which are consented to by the Insurer shall be sent to Standard & Poor ' s Ratings S efV 'ces . j . The City shall receive notice of the resiignation or renewal of the Band Registrar or Paying ATem and the appointment of a successor , other than the designated state fiscal agent . Section 22 . eve Date . T his o Pd � L� a�� ee shall become ci eetive five days after its passage and publication as required by lave . PASSED by the City Council of the City of Camas , Washing ; on and approved by its �� ay ® r at a re- lar r � eetl �� of said Council , held thi s � nth �� ay oz October , 1996 . CITY OF CAMAS , WASfffNGTON Mayor ATTEST . Fi a ce irector � � i FWWOAS . DOC 96/ 10/28 ESCROW AGREEMENT THIS ESCROW AGREEMENT made and entered into as of the day of November, 1996 , by and among the Cityof Camas , Washington (the " City " ) and Bankers Trust Company, ew or , New or (the " Ferro gent ° ' ) , ection 1 . Recitals . The C ity has heretofore issued and sold its Unlinuted Tax General Obligation Bonds 1989 under date of August 1 , 1989 , pursuant to Ordinance No . 1716 (the 1989 Bonds " ) . eiy y Ordinance No . 2092 , passed on October , 1996 (the " Ordinance " as determined to pay and redeem on August 1 , 1999 the 1989 Bonds maturing on and after August 1 , 2000 (the " 1989 Refunded Bonds " ) by the issuance of refunding bonds int e aggregate principal amount of $ 1 , 000 , 000 to be issued under date of November 1 , 1996 (the " Bonds " ) . eference is made tote r inance fora etaie escri tion o the lap of refunding . Section 2 , Provisions for Refuwndina the 1989 Refunded Bonds . To accomplish the refunding of the 1989 Refunded Bonds in the planner set forth in the Ordinance , the C ity hereby agrees t at , simultaneously with the issuance and deliveryof the Bonds , it will irrevocably deposit with # the Escrow Agent ( subject to the right to substitute obligations under the conditions . provided hereunder) , in trust for the security and benefit of the owners of the 1989 Refunded Bonds , and the Escrow Agent hereby acknowledges receipt of such obligations or evidence thereof or subscription rights thereto ( " Acquired Obligations " ) as described in Annex A attached hereto , and a beginning cash balance o , to provide for the payment of ( a) the interest on the 1989 Refunded Bonds due and payable on and prior to August 1 , 1999 ; an (b ) the redemption price ( 100 % of the principal amount) payable on August 1 , 1999 , of the Refunded 1989 Bonds . The sufficiency of such Acquired Obligations and cash as been venfied by , independent certified public accountants . Such Acquired Obligations shall be paid for out of the proceeds of sale of the Bonds and out of other moneys of the City now on hand and available . On or before the delivery of the Bonds to the initial purchaser thereof, the City agrees that it will cause to be delivered to the Escrow Agent statements setting forth the maturity schedule of the 1989 Refunded Bonds by CUS11P number, amount , date of maturity and interest rates , the amount of interest to be paid on each se ' annual interest payment date , and theamount of the principal to be paid on the date that the 1989 Refunded Bonds are to be redeemed . ® 1 FWWOAS . DOC 96/10/28 The City by the Ordinance has directed to be set aside sufficient money to purchase Acquired Obligations that will be used to pay interest on the 1989 Refunded Bonds as the same falls due . The City byte Ordinance has irrevocably called the 1989 Refunded Bonds for redemption and prepayment on their respective call dates . Said provisions for defeasance , payment , redemption and prepayment of the 1989 Refunded Bonds shall be irrevocable u pon the nal establishment oft e escrow account and deliveryf the Acquired Obligations tote Escrow gent . e Escrow gent , i concert it e inance irector o t e ity, shall ovie for publication and mailing of the proper notices of such redemption and prepayment in accordance it the provisions of the r lna ce . e cost o s C u icatio an ailing shall e al y the City , Section 3 . Investments and Disbursements . The City reserves te right at or prior to delivery of the Bonds to substitute for a temporary eriuntil receipt of Acquired Obligations on Annex A other direct United States obligations or cash or any of the Acquired Obligations 1 ( a) in the opinion of PrestonGates & Ellis , bond counsel for the City, the Bonds will remain exempt from federal income taxatio n er Section 103 of the Internal Revenue Code of 1986 as amended , an (b ) such substitutions all not impair the timelypayment. oft e amounts re uire to e , al under the la of refunding s ecifie in Section 2 hereof Acquired Obligations substituting or securities held whenreceived will be received free with income accrued from e ate of closing and deliveryof the Bonds . Upon that event , the substituted securities will returned tote supplier with accrued interest or any interest received . The Escrow Agent shall resent for payment on the due dates thereof any Acquired Obligations s ® deposited with it and shall apply the proceeds derived therefrom and the interest paid thereon in accordance with the provisions of the Ordinance and this agreement , Money shall be transferred , in a timely manner, y the Escrow Agent to the fiscal agency or agencies of the State of Washington, as paying agent and registrar of the 1989 Refunded Bonds (the " Bond egistr " ) , in amounts su icie fort e payments specified in subparagraphs ( a) an (b ) of Section 2 of this agreement . Section ubstitutlon of Different Acquired Obligations or Other Investments . The City reserves the right to substitute from time, to time forte cquire igatio s initially purchased in accordance wit ecti ® 2 hereof, or for obligations purchased °under this section other direct obligations o e ° te tates o erica (the " Substitute Obligations " ) . Prior toe acting any such substitution , the City shall have obtained and delivered to the Escrow Agent : ( a) A letter addressed tote City and tote Escrow Agent by a nationally recognized firm of certified ulic accountants verifying the computations which indicate that the Acquired Obligations , the Substitute Obligations and other money to be held by the Escrow Agent for purposes of making the payments described in Section2 ' will be adequate , after the proposed substitution to make all payments described in Section ; an (b ) An opinion a resse tote City and the Escrow Agent from ation ly recogn0izedbond counsel that such substitution of obligations will not cause the interest on e Bonds to become subject to federal income taxes and willof cause any Bond to become a " arbitrage bond " as defined in Section 148 of the Internal Revenue Code of - 2 FwwOAS . DOC 96/ 10/28 6 , as amended , a the applicable regulations a line promulgated thereunder ( as the same may be amended tot e extent such amendments apply to the Bonds ) . Section ei Vest ent of Proceeds of Acquired and/ or Substitute Obligations . The proceeds ( principala interest) an reinvestment proceeds any cis bligatio s and/or Substitute Obligations purchased by the Escrow Agent in accordance with this agree ent that are not needed withinfive business days of the receipt thereof to make a payment describedi Section 2 shall be reinvested y the Escrow Agent ( on such ate of receipt) , subject to the following conditions : ( a) xce t as rovl e In Su Sectio ( c) below, the proceeds of Acquired Obligations and/ or Substitute Obligations shall be reinvested in direct obligations oft e United States of America, at not to exceed % yield rate , or such higher yield as may e directed by letter of instructions from the City to the EscrowAgent , but if the composite ylel o t e directs 1 vest e t toge er i past investments a e pursuant o ' s subsection oul exceed % , such letter of instructions s all be based upon and accompanied by the opinion of nationally recognized o counsel approving reinvestment o such rocee s at such higher Yield . The letter of instructions s all contain a venfication of such composite yield , (b ) The obligations in whichsuch rocee s are reinvested shall mature on the ate or dates directed by the City , but not later than the next succeeding date the principal thereof is needed to make one or more payments described in Section 2 . ( c) If such rocee s , together with other funds remaining In trust , are insufficient to reinvest in the smallest denomination of such obligations or are require sooner than the shortest a riy available for such obligations , the those proceeds an funds shall be converted to Un0itedStates currency n retained until required o make a payment described in Section2 , or until sufficient money is accumulated to permit the investment t reo . ( d) " Yield as used in paragraphs ( a) a (b ) oft is section means that yield computed in accordance * wita permitted y the Internal Revenue Code a regulations a rulings promulgated thereunder applicable tote Bonds and the trust under this agreement so as to retain the exemption from e eral income taxation oft e interest on the Bonds . When and if interest from such investment is received by the Escrow Agent its all be disbursed tote City for deposit in respective Advance Refunding Account ; provided that at all times tere shall remain cash and directobligations of the United States maturing at such times and bearing interest at such rates to provide for timely payment of the redemption price of an interest on the 1989 Refunded Bonds in accordance with Sectionhereof Section 6 . Custodv and Safekeepina of ObliRations and Notice of Insufficiency . On o afore aary 0 , 1997 , a at least se ` annually thereafter, the Escrow Agents all render a statement as of the last ay of the prior month to the Bond Registrar and City , which statement A- 3 FWWOAS . DOC 96/10/28 shall set forth the cash and AcquiredObligations and/or Substitute Obligations held by the Escrow Agent , any of such Acquired Obligations and/ or Substitute Obligations that have matured and the amounts receive y the Escrow Agent by reason of such atrity , the interest earned on any o such C ire Obligations Or Substitute Obligations , a list of any investments Or reinvestments made by the Escrow Agent in Other obligations and the interest and/or principal derived therefrom, teamounts o cash delivered tote Bond Registrar and the dates of the usethereof forte payment of the principal of and interest on the 1989 Refundedons as the same shall become due and payable , and any other transactions of the Escrow Agent pertaining tO its duties and obligations as set forth herein . All Acquired Obligations , Substitute Obligations , money and investment income e osite with or received by the Escrow Agent pursuant to this agreement shall be trust funds fort e s eci fic purposes set forth hereinand may not be used for any other ose . The Escrow Agent shall e liable or e preservation an safe ee i g thereof, rovi e o . ever, its all of e responsible for any depreciation in value of any of the Acquired Obligations or Substitute Obligations . In e event the maturing principal of and interest on the Acquired Obligations , any Substitute llgatlons and other money held by the Escrow Agent pursuant tO this agreement shall be insufficient Ors all be projected tO become insufficient ata y time in the future tO make a payment described in Section , the Escrow Agent shall give the City prompt notice of such insufficiency Or projected insufficiency , Section 7 . Duties and Obligations oft e Escrow Agent . The duties and obligations oft e EscrowAgents all be as prescribed byte provisions of this agreement and the Ordinance , an e Escrow Agent shall not be liable except for the performance of its duties and obligations as so specifically Set forth and tO act in good faith in the performance thereof, and nO implied ties Or obligations shall be incurred by the Escrow Agent other than those specified herei . The Escrow Agent may consult with counsel of its choice and the opinion of such counsel all be fullcomplete authorization an rotectio in respect of any action taken or not taken or suffered y it hereunder in good faith and in accordance with the opinion of such counsel . The Escrow Agent is authorized to comply i the requirements o this s gree en and is relieved from all liability for SO doing notwithstanding any demand or notice to the contrary by ' any party hereto . e Escrowgents all of e responsible or liable foray promise , representation, agreement , condition Or stipulation Ot herein Set forth ; for the sufficiency , CO g ect ess , enulne eSS Or vale ity Of a y 1 st ents elivere to Or e oslte it it ; Ort e O Of execution thereof Ort e identity, authority Or rights of any person executing Or depositing the same ; or for the performance or compliance by any party other than the Escrow Agent with e terms or conditions of any such instruments ; for any loss which may occur by reason o forgeries , false representations or the exercise of the Escrow Agent ' s discretion in any particular manner unless such exercise is negligent Or constitutes willful misconduct . fay controversy arises between the parties hereto , the Escrow Agent shall not be required tO determine the same 10but it may, in its discretion, institute such interpleader Or Other - FWWOAS . 00c 96/10/28 proceedings in connection therewith as It may deem proper , and in following either Course , Its all of be liable except as provided above . of ' ng in this paragraph is intended to create or expand upon any right that the Escrow Agent would otherwise have available to it undera lice le law to commence an interpleader actio or to alter the obligations oft e Escrow Agent under this Escrow Agreement . Section o e satio of EscrowAgent . The arrangements ereto ore made fort e payment tote Escrow Agentoft e sum of $ 1 , 050 for services rendered y it ( except for costs o publication of redemption notices) pursuant tot e provisions Of this agreement are satisfactory to it , a such ay en is it of all fees , compensation and expenses of the Escrow Agent . Such arrangementor compensation a expenses is intended as compensation or e ordnary services as contemplated by this agreement, and in the event that the Escrow Agent renders any service hereunder not provided fori this agree e t , or the Escrow Agent is made a party to or intervenes 1 any litigation pertaining to this agreement or institutes inte lea e rocee Ings relative hereto , the Escrow Agents all be compensated reasonably by the City fors c extraordinary services and reimbursed for all fees , costs , liability and expenses (including reasonable atto eys ° fees ) occasioned thereby . In no event shall the Escrowget be entitled to payment of any fee or cost out o , or ever, assert any lien against ,, the money or securities held by it in trust hereunder . Section 9 . Surplus Mo ey in Escrow . If at any time during the term of the escrow created pursuant to this agreement , there are Acquired Obligations , Substitute Obligations and/ or money held byte Escrow Agent in excess of that required to make all of the payments described in Section 2 in accordance with the initial verification r any subsequent verification r s e to the Escrow Agent pursuant to Section 4 ( a) hereof, when due , considering the ea ings to be realized on the investment of such obligations , and the City requests , that such surplus o ligatio s or the proceeds the 4 reoor such surplus money e returned y the Escrowgent tots City o requests that such s be applied o any fees of the Escrow Agent , then the Escrow Agent I all do so at the times requested e City . Before the return of any surplus tote C iy, the Escrow get may require the City to furnish the Escrow Agent a verification or opinion of the amount of such surplus satisfactory tot e Escrow Agent . Section 10 . Amendments to Asueement . The Escrow Agent and the City recognizes tt the owners from time to time of the 1989 Refunded Bonds have a beneficial interest in the Acquired Obligations , the Substitute Obligations and money to be held by the Escrowgent as herein provided , Therefore this a 9 reement shall not be subject to revocation oramendment except forts purpose o ( a) clarif ing any ambiguity ere ; or (b ) ma ' ng a change requested b the City, and except if accompanied y : ( 1 ) For purpose of clarifying an ambiguity, opinion addressed tote City and the Escrow Agent from nationally recognized on counsel to the effect that such requested cage does not detrimentally affect the owners of the 1989 Refunded Bonds ; (2 ) For purpose of making a change requested byte City . A- 5 R"OAS . DOC 96/10/28 (i) A letter addressed tote City and the Escrow Agent by a nationally recognized 1 of certified public accountants verifying the computations which indicate that the Acquired llgatl ® S , Substitute Obligations and other money to be retained by the Escrow Agent for the purpose of making the payments described in Sectionwill be adequate , a er making the change requested the City, to make all such ay e ts ; an (11) An opinion addressed o the City and the Escrow Agent from nationally recognized on counsel to the effect that the change requested y the City will not cause te interest on the Bonds to become subject to federal income taxation and will not cause any Bondo become a " arbitrage " . bond , as defined in the Internal Revenue Code of 1986 , as amended , and the applicable rulings and regulations promulgated thereunder ( as the same may be amended , tot eexe t such amendments ayote Bonds ) . Section 1 ltatio of Escrowgent Duties . None of the provisio s contained in this agreement shall require the Escrow Agent to use or advance its own funds in the performance o any of its duties ort e exercise of any of its rights or ;power s hereunder . The Escrow Agents all e under no liability for the payment of interest on any funds or other property received by it hereunder except tote extent the Escrow Agent is required y the express terms of this s agreement to invest such s . The EscrowAgent ' s liabilities and obligations In connection It this agreement are confined to those specifically escri e erei e scro gent is authorized an irecte to comply with the provisions of this agreement and is relieved from all liability for so doing notwithstanding any demand or notice tote contrary by any party hereto . The Escrow Agent shall not be responsible or liable for the sufficiency , correctness , genuineness or validity oft e Acquired Obligations or the SubstituteObli9atlons deposited with it ; the performance or compliance by any party other than e Escrow Agent with the terms or conditions oany such instruments ; or any loss which may occur by reason of forgeries , false representations or the exercise of the Escrow Agent ' s discretion in any particular manner unless such exercise is eglie t or constitutes willful misconduct . If any controversy arises between the City and any third erso , the Escrow Agents all not be required o determinet e same or to tae any actio in the premises , but It may institute , in its discretion , an interpleader or other proceedings 1 connection ere It as It may deem proper, and 1n following either course its all not be liable . Section 12 . CityDeposit of Additional Sums . The City agrees that it will promptly deposit with the Escrow Agent the additional sum or sums of money specified in the Escrow gent ' s Otice ® f ins cis cy given pursuant to Section6 hereof action 13 . e 'mission t such o u s When 9 9 Refunded ons are ai in ll . time as the Escrow Agents l have completed all of the payments described in Section 2 , the Escrow gents all remit tote City any remaining Acquired Obligations , any Substitute Obligations and money held pursuant to this agreement , Section 14 . Successor Escrow The obligations assumed y the Escrow Agent pursuant to this agreement may be transferred by the Escrow Agent to a successor i a the Escrow Agent has presented evidence satisfactory to the City and its nationally recognized on ® 6 FWWOAS . DOC 96/10/28 __ I ell counsel that the successor meets the requirements of RCW 39 . 53 . 070 , as now in effect or hereafter amended ; (b ) the successor has assumed all the obligations of the Escrow Agent under this s agree e t ; a ( c ) all the Acquired Obligations , Substitute Obligations and money then held n by e Escrow Agent pursuant tot is agreement have been duly transferred to such successor . Section 15 . Trust Fund . The Escrow Agents all at all times hold the escrow account , the Acquired ligations and all other assets of the escrow account wholly segregated from all other funds and securities on deposit with the Escrow Agent ; its all never allow e Acquired Obligations or any other assets of the escrow account to be commingled wi any other funds or securities of the Escrow Agent and its all hold and dispose of the assets of the escrow account only s set forth herein . e Acquired Obligaio s and other assets of the escrow account shall always be maintained b y the Escrow Agent as trust n s for the benefit oft e owners of the 1989 Refunded Bonds ; and a special account thereof shall at all times be maintained on the books oft e Escrow ge e owners of the 1989 Refunded Bonds shall be entitled tote same preferred claim and first lien uponthe escrowed securities the proceeds thereof, and all other assets of the escrow account to which they are entitled s owners of the 1989 Refunded Bonds . The amounts received by the Escrow Agent under this agreement shall not be considered as a banking deposit y the City , and the Escrow Agents all have no right to any lien or title with respect thereto except as a trustee and agent under the terms of this agreement . Teamounts receive y the Escrow get under this agreement shall not be subject to warrants , drafts or checks rawn by the City or , except tot e extent expressly herein provided , by the Bond Registrar . Section 16 . Notices . All notices , requests or reports required or permitted to be give hereunder shall until further notice in writing , be given in writing at the following addresses * To theCity : C iy of Camas 616 N . E . 4th Avenue Camas Washington 9 607 Attention : Finance Director ' To the Escrow Agent . Bankers Trust Com pany Albany Street . 4th Floor New o 10006 Attention : or or tTrust ® 7 FWWOAS . DOC 96/10/28 Section 17 . Miscellaneous . This agreement is governed by Washington law and may not e modified except in writing signed by the parties . In the event any one or more of the provisions contained int is agreement shall for any reason be held invalid , illegal or unenforceable in any resect, such invalidity, illegality or unenforceability shall not affect any other provision of this agreement , but this agree ent shall be construed as if such invalid or illegal or unenforceable provision a never been contained herein . IN WITNESS WIHEREOF the parties have executed and deliveredthis agreement pursuant to due and proper authorization all as of the date and year first above written . CITY OF CAMAS WASHINGTON By / s/ Finance irector BANKERS TRUST COMPANY9 as Escrow Agent By / S/ Title : O FWWOAS . DOC 96/10/28 CERTIFICATE OF CITY CLE 1 Do �IEB Y CRT FY that I am the duly chosen , qualified and acting Finance Director of the City of Camas , Washington (the " City " ) , and keeper of the records of the City Council ; and T1 ,=1REBY CERTIFY , . ` i�� t the attache ordinance is trI► e and correct cony of Ordinance No 209 ® f ° ° or �lin �nce ° ° � 9s L� nally passed regularmeeting o tl�Le Cityo � rncil geld ® n the City (the 28th day of October , 1996 and dull, recorded in my office . 2 . That said meeting w duly convened and held in all respects in accordance wit ' law and to the extent required by law , due and pro; ger notice of such meeting � vas given , that a quo mm % 7y as present throughout the meeting and a legally suffacient nL tuber of members of the Council voted in the proper manner for the adoption of the Ordinance ; that all other requirements and proceedings incident to the proper adoption of the � ' rdinance ha we been duly � lled , c � rrie �� out and otherwise obsei7,led , and that 11 am author zed to execute this cer arcate . 11\1 VvqTNESS VTHEIEOF I have hereunto set my hand this 28th day of October , 1996 . Finance Direc r ( SEA\L ) FWWOAS . DOC 96/ 10/28 PRESTON GATES & ELLIS LLP ' A T T O R N E Y S January 13 , 1997 Ms . Joan M . Durgin City Clerk/Finance Director City of Camas 616 N . E . 4th Avenue Camas , WA 98607 Re : City of Camas , Washington, Limited Tax General Obligation & Refunding Bonds, 1996 Dear Joan : We are pleased to provide you with a soft-bound transcript of the record of proceedings and documentation relating to the above-referenced issue : If any questions arise, or if any further information is needed , please let me know , Very truly yours , PRESTON GATES & ELLIS By Forrest W . Walls FWW : sr Enclosure A LIMITED LIABILITY PARTNERSHIP INCLUDING OTHER LIMITED LIABILITY ENTITIES ANCHORAGE COEUR D ' ALENE LOS ANGELES PORTLAND SEATTLE SPOKANE HONG KONG WASHINGTON , D . C . 701 FIFTH AVENUE SUITE 5000 SEATTLE , WASHINGTON 98104 . 7078 206 . 623 . 7580 FX : 206 . 623 . 7022 www . prestongates . com 0C r - :2 !5 - <3G FP I 1 1 0 1 SERF I RST CAP I TAL PIFRKTS P _ 04 vowwwww" AM CITY OF CAMAS ( WRAPPED LEVEL MT ) DASH I NGTON $ 2 , 575 , 000 LTG4 80NOS , 1996 ( INSURED ) Debt Service Schedule Date Principal Coupon interest Period Totat Fiscal Tota [ • m s m m w i A = m w w = " s w = w w w w • i w m m = qwm m ft ft = w Y 6 / 1 / 97 74 , 258 . 33 740258 . 33 12 / 1197 115 , 000 00 3 . 800000 63 , 650 . 00 178 , 650 , 00 252 , 908 . 33 6 / 1 / 98 61 , 465 . 00 61 , 465 . 00 12/ 1 / 98 1250000 . 00 4 . 150000 61 , 465 . 00 1860465400 247 , 930 . 00 6 / 1 / 94 58 , 871 25 581871 , 25 12 / 1 / 99 130 , Q00 . 00 4 . 354000 58 , 871 . 25 188 , 871 . 25 247 , 742 . SO 6/ 1 / 0 564043 . 75 560043 . 75 12 / 1 / 0 140 , 000 . 00 4 . 450000 56 , 043 . 75 1960043 . 75 2521087 . SO 6/ 1 / 1 52 , 928 75 32 , 928 . 75 12 / 1 / 1 140 , 000 . 00 4 . 550004 52 , 928 . 75 192r928 . 75 245 , 857 . 54 6/ 1 / 2 49 , 743 ,975 49 , 743 . 75 12 / 1 / Z 1501000 . 00 4 * 700000 490743 * 75 199 , 743 . 75 249 , 487 . 50 6/ 1 / 3 46 , 218 . 75 46 , 218 . 75 1Z/ 1 / 3 160 000600 4 . 800000 46 , 218 . 75 206421875 252 , 437 . 50 6/ 1 / 4 42 , 378 . 75 42 378 . 75 12 / 1 / 4 160 * 000900 4 . 900000 42 , 37$ ! 75 202 , 378 . 75 244 , 757 . 50 6 / 1 / 5 38 , 458 . 75 38 , 458 . 75 12 / 1 / 5 170 # 000 , 00 54000000 38x45 $ . 75 2081458m75 246 , 917 . 50 6/ 1 / 6 34 , 208 . 75 344208w75 121 1 / 6 180 , 000 . 04 5 . 050000 34 , 248 . 75 214 , 248 + 75 248 , 417 , 50 6/ 1 / 7 291663 . 75 290663 , 75 12 / 1 / 7 190 000 . 00 5 . 150000 29x663 , 75 219 , 663 . 75 249 , 327 + 50 6/ 1 / 8 24477l . 25 24 , 771 . 25 12 / 1 / 8 200 , 000 , 00 5 . 250000 24 , 77' 1 . 25 224 , 771 . 25 249 , 542 . 50 6/ 1 / 9 19 , 521 . 25 19 , 521x25 12 / 1 / 9 2100000 . 00 5 . 350000 19452 1 25 Z29 , 521 . 25 249 , 04 2 30 6/ 1 / 10 13 , 903 . 75 13 , 903975 12 / 1 / 10 220 , 000 . 00 5 . 450000 13 ; 903 . 75 233 , 903 . 75 247o807 ,950 6/ 1 / 11 7 , 9OMS 7 , 908 . 75 12 / 1 / 11 285 , 000 . 00 $ 0550000 70908 . 75 292 , 908 . 75 300 , 817M 2t575 , 000 . OQ 102100080 . $3 3 , 785 , 080 83 ACCRVED 4x950 . 56 4 , 950 . 56 21575 , 000 . 00 1 , 205 , 130 . 27 3 , 780 , 130 . 727 DQ c4 11 / 1 / 96 with Delivery at 11 / 15 / 94 Sond Years 23 , 434 . 583 Average Coupon 5 . 163654 Average Life 9 . 10Q609 4 1 C % 5 . 251558 using 99 . 2000000 T 1 C % 5 . 250954 % From Delivery Date Arbitrage Tletd 5 . 187828 % Bond inSurence ,. 0 . 250000 X of V otal Debt Service Onty ) 9 , 462 . 70 Scsfirst BanksaMunicipol Finance Micro - Muni Debt Date : 10425 - 1996 0 10 : 25 m# 21 Fi Icnamcma CAMAS lacy : 2575 Mi*A0 2 !5; G F' P I 1 1 0 1 DEAF I PST CAP I TAL MFZKY S 0 !E; CITY OF CAMAS { INSURED ; EQUAL SAVINGS # PRO RATED COD WASHINGTON L TGO REFUNDING BONDS , 1996 ( REFUND 1989 CERS LOAN ) � � wwwww � .� ww � w � ff, SaVingS Report - - - - - - - Proposed Debt Service • - • - • , - Prior Cumulative Date Principal Coupon Interost Totat Dcbt Service Savings Savings 0 * at = " * qo an , MM • MMM • Mwwn Ma4M AMMMMM MOO ow " • ft4 % " M " Wq q q we , w ■ • 070 X11 • wvw " 1 * Ma • = maw = = a amain • • • wamma 1 / 1 / 97 53 , 653 . 89 54 , 660 . 14 57 , 142 . 65 6/ 1 / 97 1541093 , 75 12/ 1 / 97 20 , 000 , 00 M00000 12x937 . 50 48 , 031 . 25 53 , 653 . 92 3 , 622 , 66 62 , 725 . 31 6/ 1 / 98 12 , 557 . 54 12/ 1 / 98 30 ; 000 . 00 4 . 150000 12 , 557950 55 , 115 . 00 530653 . 90 - 1 , 46 111 61 , 264 . 21 61 1 / 99 110935 . 00 12/ 1 / 99 300000o0o 4 . 350000 11 , 435 . 00 53 , 870 . o0 530653 . 89 • 216 . 11 611048 10 6/ 1 / b 11 , 282 M 12 / 1 / 0 30 , 000 . 00 4 . 450000 110282 . 50 52 , 565 00 534653990 1 , 088 . 94 620137601 6/ 1 / 1 100615w00 12/ 1 / 1 35 , 000 . 00 4 . 550040 10 , 615 . 40 56 , 3 © . 00 530653 . 89 * 21576 , '11 59 , 560 , 90 6/ 1 / 2 9 , 818 . 75 12 / 1 / 2 35 , o0oM 4 . 700040 9x818 , 75 540637 . 50 530653x91 - 983 . 59 58 , 577 . 31 6/ 1 / 3 8 , 996 . 25 12/ 11 3 35 , 000 , 00 4 . 800000 8099642S S2 , 992 30 53 , 653 . 91 661 ,, 41 591, 23 & 72 6/ 1 / 4 8 , 156 . 25 12 / 1 / 4 401000 . 00 4 . 900000 9 # 156 . 25 564312 . 50 530653 . 90 w206 $ 8w64 5603 $ 0 . 12 6 / 1 / 5 7 , 176 . 25 12 / 1 / 5 409000 . 00 $ . 000000 7 , 176 . 25 54 , 35 2 50 536653 . 90 - 698 . 60 550881 . 52 6 / 1 / 6 6 , 176 25 12 / 1 / 6 450000 . 00 $ aOS0000 6 , 176 , 25 57 , 352 . 50 53 , 653089 a30698o6l 52 , 182 . 92 6 / 1 / 7 5 , 040 , 0 12 / 1 / 7 45000MO $ 9150000 50040 , 00 $ 50080 . 00 53 , 653 . 89 1* 1 , 426 , 11 $ 0 , 756 . 80 6/ 1 / 8 3 , 881 . 25 12 / 1 / 8 45 000 . 00 56250000 34881 . 25 52 , 762 . 50 53 , 65M9 891 ,139 51 , 648 . 19 6/ 1 / 0 2 ? 700 . 00 12 / 1 / 9 500000w0a 5 . 350000 20700 , 00 S5040o . 0a 53 , 653 89 - 1 # 746 . 11 440902 . 08 6/ 1 / 10 1 , 362 . 50 12 / '1110 so # 000 40 5 , 450000 11362 . 54 524s725 . 00 530653 . 80 928 . 80 500830 , 8$ 5300000 . 40 227 , 426 . 25 757 # 426 . 25 804 , 808437 504830 . 88 ACCRUED 10006 . 25 10006 * Z5 5304000400 2260420 . 00 756 # 420 . 0 © 8040808 . 37 509830 . 88 �+� it �'t1at � �llft � : � aa � ii � � = � � � ; � = � _ = a � ® � � � a � � asv � � ■ ats.� a � a � � = = = = = � s � r � � ssma � � � z �t bated 11 / 1 /96 with Delivery of 11 / 15 / 96 Bond Yeara x+ , 479 . 167 Average CoUpon 5 . 077423 AVer' age ON $ . 45125 $ W I C % 5 . 172084 X Using 99 . 2000004 T I C % 59175378 % From Detivory Date Arbitrage Yietd 5 . 107360 X Bond Insurahce . 0 . 250000 X of ( Total Debt Service Only ) � '1 , 893 . 57 li 0 t E Cumulative Savings are Net of the Initial Transfer Amount of • 2 , 442 . 51 M 0 T E : Savings on 1 / 1197 Inctude Accrucd Intcrcst of 1 , 006 . 25 Net Present Value Savings at : 5 . 1401 : Equals 52 , 292 . 57 or M6657 of par of the Current Issue or 10 . 7001% of Par of the Prior issue M 0 Y E Present value Savings are Net of the Inittat Transfer Amount of & 24442 . 51 Seaf irst gaink - Mvnf cipat Finance Micro " Muni Debt 08te ; 10 - 25 - 1996 Q 14 : 501%V49 I= ilename : MCAMASLT Kcy : NEWSONDS � FR I 1 1 ® � DEAF I RT CAP I TAL MRKT S _ P _ _ _ 0 6 ,r u CITY OF CAMAS ( INSURED ; EQUAL SAVINGS • PRO - RATED COI ) WASHINGTON wok . LTGO REFUNDING 8ONDS , 1996 ( REFUND 1989 CERB LOAN ) ?zr; Sources and Uses of Funds , N" ~ ■ aaa : aasaaaa = aaa ■ : = a ■ = aaa Delivery Date : 11 / 15 / 96 Sources of Fwr4s � : = ZL' IDm33330Z � 3 ! Per Amount of 6ons . t . . • • . • . • � , • • . . . . . $ 530 , 0001, 00 ♦ Premium � - aiscQu�► t . . . . . . . . . • . . _ . . . ; . . � Or00 Bond Prococas , ' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i4 . a � . 530 ,1000400Accrued 1 YntorQst • s . . • • . ■ • • • • i . ■ ii . r . • . • t / ► \ . . . • . • ( * 006425 . . ■ . . . w i . i. r � • r dlMq � � ss31 , 006 . 25 Uses of Funds Bo, F,•�i` ounsre � . . . . . . . . . . . . . . iii . r . i . . . . . . . . . . . ■ . . . . \ . . . . . . � , � � � . oV Bond � � nt � ng . • r ■ • i • r . • • . . • . � . . . . . • . . . . . . . • • • . ♦ • • • • 336 . 00 Escrow verification . . . • . ■ , • • . . . . , . • t . . . . • . . . • . . . • . . • . . . . 320 . 00 M o Ady • . • } • i ■ i i i • • • / . . . . . • . • , • . . • ■ ■ • • • • • ■ . i . i i ♦ i i • 704400 Bond Insuran�cc . . . . . • . . . . . . . . . . . . . . . . . . . • t 0 , 10893457 Escrow Beginning Ces �1 • . • , , • . • • • - ■ . i iii • / . • • • • ► ■ . . 870 . 46 Coat of escrow Rostrietcd Securities . . . . . . . / . . . t • . . . . . ■ . 518 093M Underwriters oiscount . . . . . . . 0 . 6444 % 86 . 44 ( 0 . 800000% ) M40 412 . 0 , 00 Accrued ` I �tterest , . + i • . . . • . . • • , . � ■ ■ • • • • • . • . i . • • • . \ \ . � fC06v `^ 5 Car� tingcncY . • ' , ■ ■ ■ • ii . • • • 1 . . . . . � • • T • ■ 88 . 48 ■ • ■ i • • • . . ■ . 2 , 142 . 5l Seafirst Bank - Municipa ( Finance Micronftni Sizing Dotc : 10 . 5 - 1996 2 10 : 48 ; 3 F i tcnam$ : aCANA5lT Ked : �lEW80�1o5 0Z SEAP I RST CAP I TAI_ MRKT R _ _ 0w7 CITY OF CAMAS ( INSURED ; EQUAL SAVINC $ ; PROwRATED COI ) WASHINVON UTGO REFUNDING GONDS , 1996 ( REFUND 19$9 BONDS AFTER THE CAIS ) t1 , Savings Report Is Is • - • W - is Proposed Debt Service - - • - - Prior curiutative Date Principat Cowpon Interest Totat Debt Service Savings Savings - • Is IN • OF - - • \ 11 \ + • - • • - - • - - • • • - I Y M w r A 1 • * . . • • • • • • • • .r • 40 0 • • • - - • • • • • i • .+ A ' • • - 12 / 1 / 96 1945 * 75 5 , 776 . 72 6/ 1 / 97 2 $ , 58� . � 5 12/ 1 / 97 100400 . 00 3 . 800000 24 + 502 . 50 630088 . 75 63 , 462 . 50 373 . 75 6 , 150 . 47 6/ 1 / 98 4 . 150000 24 , 312 . 50 12r 1 / 98 15 , 000 , 00 4 . 150000 24 , 312 . 50 63 , 625 . 00 63 , 462 . 50 • 162 , 50 51967 . 97 6/ 1199 4 . 350000 24 , 001 . 25 12/ 1 / 99 150000 , 00 4 . 350000 240001 . 25 63 , 002 . 50 b3s4b2 . 50 460 . 08 6 , 447 . 97 6 / 1 / 0 4 . 450000 25i675 . a0 12 / 1 / 0 80 + 000400 COMM 231675 . 40 127 ,0350 + 00 1280462450 10112 . 50 7 , 560 . 47 6/ 1 / 1 44550000 21 , 895 . 00 12 / 1 / 1 850000 . 00 6 . 550000 21 , $95900 128 , 790 . 40 1290107 . 50 317 \ 50 7 , 877 . 97 6/ 1 / 2 4 . 700000 140961 . 25 12/ 1 / 2 904000 . 00 4 , 700000 190961 . 25 129t92240 129 , 417 . 50 • 505 . 04 7 , 372997 6 / 1 / 3 40800000 17 , 846 . 25 12 ,E 1 / 3 954000 . 00 4 . 800000 17 , 846 . 25 1309692 . 50 129 , 355 . 00 - 1 , 337 . 50 6 035 . 47 6/ 1 / 4 44900000 15 , 566 , 25 12 / 1 / 4 100 , 004 . 00 4 . 900000 15 , 566 . 25 131 , 132 . 50 128 , 875 . 00 - 2 , 257 . 50 3 , 777 , 97 6/ 1 / S 5 . 000000 13 , 115 . 25 12 / 1 / 5 105 , 000 . 00 5 . 0000Q0 13 , 116 . 25 131 , 232 . 50 133 052 . 50 1 , 820 . pa 5 , 597 . 97 6 / 1 / 6 5 . 050000 10 , 491 . 25 121 1 / 6 110 000 , 00 5 . 450000 10 , 491 . 25 1300982 . 50 131 , 450 . 00 467950 68065 . 47 6 / 1 / 1 5 . 150000 7 , 713 . 75 12 / 1 / 7 1200000904 5 . 150000 7 , 713 . 75 135 , 427 . 50 134 , 500 * 00 427 . 50 5 ,0137 . 91 6/ 1 / 8 5 . 250000 4 , 623 . 75 12/ 1 / 8 1151000 . 00 5 . 250000 41623 . 75 124 , 247 . 50 131 , 800 . 00 7x552 . 54 120690e47 6I 11 9 60 # 000 , 00 5 . 350000 5x605 , 00 61 , 605 . 00 133150 . 04 72 , 145 . 00 84835 . 47 1 , 000 , Q00 . 00 421 , 098 . 75 1 , 421 , 098 . 75 105404157 . 50 84483S047 ACCRUED 11905 . 75 1 , 905 . 75 84 835 . 47 10 400 0 000 . oo 419o193 , 00 % 419 , 193900 1 , 500 , 15 '/ . 50 VWVWmffW = m = m = = .�: mow "1 .� � �i � = = = '� � 0 � Dated 11 / 1 /96 with Detivery of 11 / 15 / 96 Bond Years 81413 . 333 Average Coupon 5 . 005136 average Life 8 . 413333 W I C X S . 100223 % Using 99 . 2000000 T I C 5 . 110238 X From Dttivery Date Arbitrage yiGtd 5 . 029006 % Bond Insurance : 0 , 185000 % of ( Total Debt Service Onty ) Z , 629 � 03 N 0 T B & cu rotative savings are Net of the Initiat Transfer Amount of w34870 = 97 N 0 T E up sayings on 121 1 / 96 Include Accrued Interest of 1 , 905 * 75 Net Present Mattie Savings st : 5 . 14017 Equats 65 , 217 . 99 or 6 . 5218% of Par of the Current Issue or 7 . 0889% of Par of tho Prior Issue N C T E Present Value savings are Net of tete InItist Transfer Amount of i3 , 870 . � 7 soafirst Bunk - Municipat Finance micro " Muni Debt Date : 14 - 25 - 1996 � 10 : 512148 Filename : @CAMASIP Key : NEWSOND S , ..... � � FP I 1 1 0 � SEAF I PET GAP I TAL . K7S P _ 00 MINI I WWII WVWI, 1p { CITY OF CAMAS { INSURED ; EQUAL SAVINGS ; PRO09RATED 0aE IF WASHINGTON UTGO REFUNDING BONDS , 1996 ( REFUND 1989 BONDS AFTER THE CALL ) Sources and Uses of Funds 111. 11. l " � T Dotivery Oath : 11 / 15196 Sources of Funds Par Amount of 8onds , , . . . . 6 . . + . / 61 . . . . • $ 1 , 0004000 . 00 + Premium 1 - 0iscount . 68 / / . 8 . 44 . . . . 4 . 8 . . $0 . 04 Bond 100000000 . 00 Accrued Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11905 . 75 � 1 , Qo11Aa5 . �5 Uses of Funds Ss � ms � ^1! � � � D3d Bond Coutt.iz � � ■ • • • • • ■ i • • ! ! ! • • • • / . • . . . • . . . • . / . . . • . . . . • • . ■ . ./ , 400 . 00 Scrod Prir� tin� l . . . . . . . . . . . . • . . . . . . . . . . . . . • • . � • � ! . } 4444 " . 734 . 00 Escrow Y +c � 3ficAt � cn . . . . , . . + . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . . 680 . 0 . Escrow Management . . . . . . . . + � . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10050 . 00 8or InsurancE . ■ . . . • + . . , . . . . . . . . . . . . . . . . 0 0 . 1850007 . . . 20629 . 03 gscrow Beginning C � s� ► . . . . . . . . l , . l . • . . . • � 0 . 040000% y . 4 . 400 . 00 Cost of Escrow Restricted Sacr� i t i G � . , . , 4 4 4 4 . _ . . . . . . . . . . 97'8 , 700 . 00 Underwriters Oiscount . . . . . . . . . . . . . . . . . . . 0 o . 800000Xy . , , 8 , 000 . 00 Accrued Irtiter� est . ! . . . . . . . . . . . . . . . . . . . . . . . . . . ! . . . . . . . . . . 1 , 905 . 7S Co�nc � ng �r�� Y ■ . . . . . . . , . � . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 � 870 . 97 5100010905 . 75 Seaf i rst BankmMwni c i pa t F f trance Nf cro - Mini Sizing Date : 't0 - Z5 - 1996 S 10 : 46 : 49 F4tenome ; OCAMASIP Key : NEWBONDS f Ftp I 1 1 0 DEAF I F? T CAP I TAL MPKT P 09 Poo ot y Maximum AlLowabte Arbitrage Yletd DELIVERY DATE : 11115 / 96 4 , 10S , 00d . 00 Par 7 , 862 . 56 Accrtjcd 1 mterest t 0 . 234511 % ) - 13 , 985 , 30 Bondt nsurance % Of TOW O / S Value 4 , 098 , 877 . 26 Arbitrage Yield Targct Val Artgtrb9e Y ctd 5 . 14010071 X seaflrst � sznk - Municipal Finahce • 996 a 10 : 26 : 4 ' Fitcnamc : CAMAS Kay : Alk cro - Mural Debt 0atc . 10 - Z5 1 OFFICIAL STATEMENT DATED NOVEMBER 5, 1996 NEW ISSUE MOODY ' S RATING : Aaa NEGOTIATED ( see the captions " RATING " and " MUNICIPAL BOND INSURANCE " herein ) MBIA Insured In the opinion of Bond Counsel, interest on the Bonds is excluded from gross income subject to federal income taxation pursuant to the Internal Revenue Code of 1986, as amended, subject to certain conditions and assumptions described herein under "TAX EXEMPTION" The Bonds are not private activity bonds. Interest on the Bonds is included in the computation of certain federal taxes on corporations. CITY OF CAMAS , WASHINGTON $ 190009000 UNLIMITED TAX GENERAL OBLIGATION REFUNDING BONDS , 1996 DATED : November 1 , 1996 DUE. June 1 and December 1 , as shown below The City of Camas ' s Unlimited Tax General Obligation and Refunding Bonds , 1996 (the " Bonds") , will be issued in fully registered form in the denomination of $ 5 , 000 each or any integral multiple thereof within a single maturity . Principal of the Bonds will be paid on December 1 of each year , commencing December 1 , 1997 and on June 1 , 2009 upon presentation and surrender of the Bonds , at maturity or early redemption , at the principal offices of the Fiscal Agent of the State of Washington (the " Paying Agent" ) , currently The Bank of New York , New York, New York and Wells Fargo Bank , National Association , Seattle , Washington , successor by merger to First Interstate Bank of Washington , N . A . , Seattle , Washington . Interest on the Bonds will be paid on June 1 , 1997 and semiannually thereafter on each succeeding June 1 and December 1 until maturity . Interest on the Bonds will be paid by check or draft of the Paying Agent mailed on the payment date to the Registered Owners at the Registered Owner' s address appearing on the Bond Register on the 15th day of the month preceding each interest payment date . The payment of principal and interest on the Bonds when due will be insured by : Insurance Corporation MATURITY SCHEDULE Yield or Due Amount Rate Price Due Amount Rate Price December 1 , 1997 $ 10 , 000 3 . 80 % 100 December 1 , 2004 $ 100 , 000 4 . 90 % 100 December 1 , 1998 159000 4 . 15 100 December 1 , 2005 105 , 000 5 . 00 100 December 1 , 1999 15 , 000 4 . 35 100 December 1 , 2006 1109000 5 . 05 100 December 1 , 2000 80 , 000 4 . 45 100 December 1 , 2007 120 , 000 5 . 10 5 . 15 December 1 , 2001 857000 4 . 55 100 December 1 , 2008 1157000 5 . 20 5 . 25 December 1 , 2002 907000 4 . 70 100 June 1 , 2009 60 , 000 5 . 30 5 . 35 December 1 , 2003 95 , 000 4 . 80 100 ( Plus accrued interest from November 1 , 1996 ) The Bonds maturing in the years 1997 through 2006 are not subject to early redemption . The Bonds maturing on or after December 1 , 2007 are subject to early redemption , at the option of the City , beginning December 1 , 2006 or after as a whole or in part at any time , at a price of par, plus accrued interest to the date fixed for redemption . See " EARLY REDEMPTION " herein . The Bonds are direct and general obligations of the City . For as long as any of the Bonds are outstanding , the City irrevocably pledges to levy taxes annually without limitation as to rate or amount on all of the taxable property within the City in an amount sufficient , together with other money legally available and to be used therefor , to pay when due the principal of .and interest on the Bonds , and the full faith , credit and resources of the City are pledged irrevocably for the annual levy and collection of those taxes and the prompt payment of that principal and interest . See "SECURITY" herein . The City has designated the Bonds as "qualified tax- exempt obligations " under the Internal Revenue Code of 1986 , as amended . " See " CERTAIN OTHER FEDERAL INCOME TAX CONSEQUENCES " herein . The Bonds are offered by the Underwriter when , as , and if issued , subject to the approving legal opinion of Preston Gates and Ellis , bond counsel , Seattle , Washington , which opinion will be printed on the Bonds . The closing for the Bonds is expected to occur on November 12 , 1996 . The Bonds , in definitive form , will be available for delivery on or around November 13 , 1996 , in Seattle , Washington or at the facilities of The Depository Trust Company in New York, New York . This cover page contains certain information for quick reference only. It is not a summary of this issue . Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. .S 811 Representations Neither the City nor the Underwriter have authorized any dealer , broker , salesperson or other persons to give any information or make any representations other than those made in this Official Statement , and , if given or made , such other information or representations must not be relied upon as having been authorized by the City or the Underwriter . This Official Statement does not constitute an offer to sell , nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such a sale . The information contained in this Official Statement has been obtained from City officials and other sources believed to be reliable . Neither a representation , warranty nor guarantee is made by the Underwriter . as to the accuracy or completeness of any information in this Preliminary Official Statement and nothing contained in this Official Statement is or shall be relied upon as a promise or representation by the Underwriter . The delivery of this Official Statement does not imply that the information contained herein is correct as of any time subsequent to the date of the Official Statement as shown on the cover page . Disclosure Statement The City will deliver to the Underwriter at the time of delivery of the Bonds a signed statement substantially to the effect that this Official Statement , as of its date and as of the date of the Bonds , neither contains any untrue statement of a material fact nor omits to state any material fact necessary to make the statements therein , in light of the circumstances under which they were made , not misleading in any material respect and that there has not been any material adverse change in the normal operations or financial condition of the City nor , to the best of the City ' s knowledge , in the general economy of the City since the date of the Official Statement . Secondary Market It has been the practice of the Underwriter to maintain a secondary market in municipal bonds which it sells . The Underwriter intends to engage in secondary market trading of the Bonds , subject to applicable securities laws . The Underwriter , however , is neither obligated to engage in secondary trading nor to repurchase any of the Bonds at the request of the registered owners thereof and no assurance can be given that a secondary market for the Bonds will be available . In connection with the offering of the Bonds, the Underwriter may over- allot or effect transactions that stabilize or maintain the market price of the Bonds at a level above that which might otherwise prevail in the open market. Such stabilizing, if commenced, may be discontinued at any time . 11 a CITY OF CAMAS 616 N . E . 4TH AVENUE CAMAS , WASHINGTON 98607 ELECTED OFFICIALS Dean Dossett Mayor Helen Garde Council Member Leslie Giltz Council Member Sean Guard Council Member Gwen Hahn Council Member Rosalee . MacRae Council Member Dale Thomas Council Member C . R . Woodruff Council Member CITY STAFF Lloyd Halverson City Administrator Doug Quinn Public Works Director/City Engineer Joan Durgin Finance Director Roger Knapp City Attorney Mike Slyter Police Chief David Artz Fire Chief David Zavortink Library Director BOND COUNSEL Preston Gates & Ellis Seattle , Washington FINANCIAL ADVISOR Yeasting and Associates Seattle , Washington UNDERWRITER Bank of America NW, N . A . doing business as Seafirst Bank Capital Markets Division Seattle , Washington iii TABLE OF CONTENTS Page Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 * 0 0 0 0 0 0 * 0 0 6 0 0 0 0 0 0 0 seems 0 0 . 0 0 0 0 0 0 . 0 0 0 0 0 0 0 0 0 0 0 0 . . . 0 . . 0 . . . 6 0 0 0 0 e 0 0 0 0 a 0 sea so sees * * see we s . 0 mem . . 1 Descriptionof the Bonds . . sesames 06006000 006064609 * 006 sea 000660000000 a was000m000 00 0 0 0 0 0 0 0 0 0 * 0 0 0 0 . 0 0 0 0 0 as a see 0 0 0 0 0 6 0 0 0 0 0 6 0 . 0 6 0 s . 1 Authorization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 * 0 0 0 0 0 0 0 0 0 66006006 & * * * * * a s 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . . . 6 a . • . . . . . sea 0 0 1 . 2 1 e c u r i ty 0 0 0 0 . 0 . . . . . . . . . . . . . . . . 0 0 0 0 . . . . 0 0 0 0 . . . . . . . . . . . . . . 0 0 0 0 . . . . 0 . 0 . . m . . 0 . s e . . . . . . . 0 0 . a 0 0 e . . . . . . . . . . 0 0 0 0 0 0 . . 0 . . 6 e . . 0 0 . . 6 . 0 0 . . . 0 0 . . 0 . . 0 0 0 6 Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Early Redemption and Open Market Purchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Noticeof Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Failure to Redeem the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 TheRefunding Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 TheRefunding Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . assesses . . . . . . . . . . 000a00 . . . . . . . . . . . . 000a0a0aa060 a a 006 . . m . a . 0 . . . 000 . . 6 a a 0 a 06 . . 3 Sourcesand Uses of Funds . . . . . . 0000006000 . 000000004000000004 . . . 0400 . 000000 . . . : . . 0000000 * 00000000 . 000 . . . ao as see a 60000000 . 0600 4 Transferability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 DebtPayment Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Future Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Assessed Valuation Determination • . . . . esms . 00 * 0000000 * 0 mass s . . . 00000000 . 0 a . . . a . 0 . 60466066040006 0 8600060000000 see 006 . 09 00 5 TaxCollection Procedure . . * * * * * a a a a me a a seems 0 mesa 0 mass a 0, 0 0 0 a a a a me me a a a sea 0 sea sea me a * * * * a * sea mesa seems a * a a 0 * a a sea a a 0 a a as as am 0 0 . 5 Authorizationof Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 General Obligation Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Limits on Amount of General Obligation Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Authorization of Short-Term Debt . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . seem . 6 Taxing Powers and Limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Auditingof City Finances a 00000000000000 0000000 . . . . . . . . & 0 0 0 0 0 0 0 0 0 0 0 0 so 6 6 6 0 0 0 6 6 seems 0 0 0 0 0 . . 0 0 0 0 0 . 0 . . . • . . . . . . . . . . . . . . . a 7 Net Direct Debt and Estimated Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . sea seems * sea * * 000000 seems 8 Bonded Debt Ratios of the City . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Statutory Debt Limit Calculation for the City . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Ad Valorem Tax Collection Record of the City 0 0 0 0 0 0 . . . . . . 0 0 0 0 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Representative City Ad Valorem Property Tax Rates . . . . . . . . . . . . 0 0 0 0 0 0 0 * 0 0 0 0 0 0 see 0 06 mesa e . . . 6 10 Levy Amounts and Rates of the City . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Major Taxpayers Within The City see sees sea see . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0060 . 11 Comparative Statement of General Fund Revenues and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 1996 General Fund Budget of the City . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e . . s e . . e . . e . . . . . e . a s . . . 13 CityProfile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 General and Economic Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 TaxableRetail Sales . * * * Osseo & Samoa & * & & * * 00006000 0000 000 a * a * * * * assesses 0 was 0000000000 0 0 0 0 0 0 0 00 sea 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 000 a 20 City of Camas New Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 City of Camas Major Employers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 6 0 * 0 as a m . . . . . . 0 mesa s . 0 s s 0 . 0 e . 0 0 0 0 0 0 0 0 0 0 s . see 0 . . . 0 0 0 . 20 Clark County Total and Per Capita Income . . . . . . . . . . . ago . * see . . . . . . . . . . . . . . . . . . . . . . . . . . Goo . . . . . . . . . . . . . . . . . . . . . . . . . 21 Civilian Labor Force and Annual Average Nonagricultural Wage and Salary Workers Employed in Clark County . . . . . . . . * * * * 0 0 0 0 . . . . 00000000000000 0006 . 0 . 00 . . . . . • 0 * * sees 0 0 . 0000000 0 2 1 OriginalIssue Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 TaxExemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a 0 0 0 0 0 0 0 0 0 0 am a see * * * 0 0 0 0 0 0 0 0 0 . 0 . . woos * * 0 0 0 0 . 0 a . e 0 0 0 0 0 0 0 0 0 0 000000 00000000 23 TaxCovenants . . . . . . • . . . . . . . . . 0 . e . 0 . s . . . ese . 006000 . . 0000we . . . 000a0000 . e . e . esea seems 0 message . . * . . * 000000000 . 0 . 0000000000000 be 000000000 24 Absence of Material Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Municipal Bond Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Rating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Continuing Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Approvalof Bond Counsel . . . . . . . . . . . . . . . . . . . . . . . . seems 0 . 0 . 0 0 . s . e . . . . 0 0 0 0 0 . . woos * * * * . . . . . . . 00 000000000 . . . . . . . . . . . . . . . . . . . . . . . 28 Conflictsof Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 so s0Seems * 00woo * 00000 . . sea 006000 0 0 0 sea masss a ease 0 0 0 0 0 0 e 0 0 0 0 0 . . 0 0 0 0 . s 0 . . . 29 ConcludingStatement . . . . . . . . . . . . . . . . . . 60806006040000 0 0 0 0 0 00 0 0 0 0 0 0 see 0 0 0 0 e 0 • . . . . . . . . . . . . s . . . sea 0 0 0 0 0 mesa * * * Sao 0 0 0 0 0 0 0 . 0 0 mesa * so * 29 Formof Legal Opinion . . . . . . . . . . . . . . . . . . . . . . . . . . . . sea a 00 . e0 . 0 g . . e 0 . . e 0 . e . e s e e 6 6 6 6 6 0 6 . 0 0 6 0 0000 a 6 a e 0 0 0 0 0 m000000 as . a . 0 Appendix A Municipal Bond Insurance Policy Specimen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Appendix B IV OFFICIAL STATEMENT THE CITY OF CAMAS , WASHINGTON $ 190009000 UNLIMITED TAX GENERAL OBLIGATION REFUNDING BONDS , 1996 INTRODUCTION The City of Camas , Clark County , Washington ( the " City " ) , a municipal corporation duly organized and existing under and by virtue of the laws of the State of Washington , furnishes this Official Statement in connection with the offering of $ 1 , 000 , 000 principal amount of Unlimited Tax General Obligation Refunding Bonds , 1996 (the "Bonds " ) . This Official Statement provides information concerning the City and the Bonds . DESCRIPTION OF THE BONDS Principal Amount, Dates , Interest Rates , and Maturities The Bonds will be issued in the principal amount of $ 1 , 000 , 000 and will be dated and bear interest from November 1 , 1996 . The Bonds will mature annually on December 1 , commencing December 1 , 1997 , and on June 1 , 2009 in the amounts , and will bear interest payable semiannually , commencing June 1 , 1997 , at the rates set forth on the cover page of this Official Statement . Interest on the Bonds will be computed on the basis of a 360 - day year comprised of twelve 30 day months . Form and Denomination The Bonds will be issued in fully registered form as to both principal and interest in the denomination of $ 5 , 000 each or any integral multiple thereof within a single maturity . Registrar , Paying Agent and Transfer Agent Both principal of and interest on the Bonds are payable in lawful money of the United States of America . Principal of the Bonds will be paid by the Fiscal Agent of the State of Washington (the " Registrar, " the "Paying Agent" and the " Transfer Agent" ) on presentation and surrender of the Bonds , at maturity or earlier redemption , at either of the principal offices of the Fiscal Agent in Seattle , Washington or New York , New York . Interest on the Bonds will be paid by check or draft of the Paying Agent mailed on the interest payment date to the registered owners at the addresses appearing on the Bond Register on the fifteenth day of the month preceding the interest payment date . Currently , the Fiscal Agent of the State of Washington is The Bank of New York , New York , New York and Wells Fargo Bank, National Association , successor by merger to First Interstate Bank of Washington , N . A . , Seattle , Washington . AUTHORIZATION The Bonds are issued in accordance with the provisions of the Constitution and applicable statutes of the State of Washington , pursuant to Ordinance No . 2092 ( the " Ordinance " ) of the Camas City Council , passed on October 28 , 1996 . 1. SECURITY The Bonds are direct and general obligations of the City . For as long as any of the Bonds are outstanding , the City irrevocably pledges to levy taxes annually without limitation as to rate or Amount all taxable property within the City in an amount sufficient , together with other money legally available and to be used therefor to pay when due the principal of and interest on the Bonds , and the full faith , credit and resources of the City are pledged irrevocably for the annual levy and collection of those taxes and the prompt payment of that principal and interest . PURPOSE The Bond proceeds will be used to refinance the City ' s 1989 Unlimited Tax General Obligation Bonds maturing August 1 , 1997 through August 1 , 2009 (the " Refunded Bonds " ) outstanding in the principal amount of $ 920 , 000 . The Refunded Bonds will be escrowed to their call date of August 1 , 1999 . The purpose of the refinancing is to provide a debt service savings to the City . A portion of the proceeds will be used to pay bond issuance costs . EARLY REDEMPTION AND OPEN MARKET PURCHASE The Bonds maturing in years 1997 through 2006 are not subject to redemption prior to maturity . The Bonds maturing on or after December 1 , 2007 , are subject to redemption prior to their stated maturity dates on or after December 1 , 2006 , in whole at any time or in part on any interest payment date ( maturities to be selected by the City and by lot within a maturity in such a manner as the Registrar shall determine ) at a price of par , plus accrued interest to the date fixed for redemption . Portions of the principal amount of any Bond , in increments of $ 5 , 000 or any integral multiple thereof, may be redeemed . If less than all of the principal amount of any Bond is redeemed , upon surrender of that Bond at either of the principal offices of the Registrar , there shall be issued to the registered owner , without charge therefor , a new Bond or Bonds , at the option of the registered owner of like maturity and interest rate. in any of the denominations authorized by the Ordinance . The City further reserves the right and option .to purchase any or all of the Bonds in the open market at any time at any price acceptable to the City plus accrued interest to the date of purchase . NOTICE OF REDEMPTION The City shall cause notice of any intended redemption of Bonds to be given not less than 30 nor more than 60 days prior to the date fixed for redemption by first- class mail , postage prepaid , to the registered owner of any Bond to be redeemed at the address appearing on the Bond Register at the time the Bond Registrar prepares the notice , and the requirements of the Ordinance shall be deemed to have been fulfilled when notice has been mailed as so provided , whether or not it is . actually received by the owner of any Bond . Interest on Bonds called for redemption shall cease to accrue on the date fixed for redemption unless the Bond or Bonds called are not redeemed when presented pursuant to the call . In addition , the redemption notice shall be mailed within the same period , postage prepaid , to Moody ' s Investors Service , Inc . , at their offices in New York , New York , or their successors , to Seafirst Bank , at its principal office in Seattle , Washington , or its successor , and to such other persons and with such additional information as the City Finance Director shall determine , but these additional mailings shall not be a condition precedent to the redemption of Bonds . 2 FAILURE TO REDEEM THE BONDS If any Bond is not redeemed when properly presented at its maturity or call date , the City shall be obligated to pay interest on that Bond at the same rate provided in the Bond from and after its maturity or call date until that Bond , both principal and interest , is paid in full or until sufficient money for its payment in full is on deposit in the bond redemption fund and the Bond has been called for payment by giving notice of that call to the registered owner of each of those unpaid Bonds . THE REFUNDING TRUSTEE Banker ' s Trust is serving as the refunding trustee ( the " Refunding Trustee " ) for the purpose of managing the cash and investments which comprise the escrow for the Refunded Bonds , which will pay the principal of, interest on and redemption premium , if any , on the Refunded Bonds as the same become due and payable . THE REFUNDING PLAN The City has covenanted to irrevocably set aside sufficient government obligations as such obligations are defined in chapter 39 . 53 RCW , as now are hereafter amended ( " Government Obligations " ) required to effect the refunding of the Refunded Bonds , plus any necessary initial cash , which Government Obligations shall be purchased from the proceeds of the Bonds to redeem the Refunded Bonds in accordance with the provisions of the Ordinance . Pursuant to the Ordinance , the City has irrevocably convenanted to call for redemption on August 1 , 1999 , the Refunded Bonds with annual payments on or after August 1 , 2000 , at a price of par plus accrued interest, in accordance with the provisions of the Ordinance . Said defeasance and call for early redemption relative to the Refunded Bonds shall be irrevocable after the final purchase and delivery of the Government Obligations to the Refunding Trustee as provided in the Ordinance . Acquisition of the Government Obligations Pursuant to the Ordinance , a portion of the proceeds of the Bonds ( exclusive of accrued interest thereon , if any , which shall be paid into the City ' s Unlimited Tax General Obligation Debt Service Fund ) , will be delivered to the Refunding Trustee on the day of closing , which amount will be used for the sole purpose of purchasing the Government Obligations and paying the cost of issuing the Bonds . The City shall defease the Refunded Bonds and discharge such obligations by the Refunding Trustee ' s irrevocable purchase of certain Government Obligations , bearing such interest and maturing as to principal and interest in such amounts and at such times which , together with . any necessary beginning cash balance , will provide for the payment of: a . The interest which will become due and payable on the Refunded Bonds up to and including August 1 , 1999 when dues and b . The redemption on August 1 , 1999 of the Refunded Bonds at par . Such Government Obligations shall be purchased at a yield not greater than the yield permitted by the Internal Revenue Code of 1986 , as amended ( the " Code " ) , and applicable regulations thereunder relating to acquired obligations in connection with refunding bond issues . Verification of Mathematical Calculations The mathematical accuracy of a ) the mathematical computations of the adequacy of the maturing principal amounts of and interest on the Government Obligations to be held by the Refunding Trustee to pay all principal and interest on the Refunded Bonds as described above and b ) the mathematical computations supporting the conclusion of Bond Counsel that the Bonds are not 3 " arbitrage bonds " under Section 148 of the Internal Revenue Code of 1986 will be verified by Ernst & Young , independent certified public accountants . SOURCES AND USES OF FUNDS The following table sets forth the sources and uses of the proceeds of the Bonds , in accordance with the refunding plan . Sources of Funds : Par Amount of the Bonds $ 11, 000 , 000 . 00 • Plus Accrued Interest 19492 . 87 • Less Original Issue Discount ( 19292030 ) Total Sources of Funds $ 19000 , 200 . 57 Use of Funds . • Purchase Price of Government Obligations $ 978 , 500 . 00 • Costs of Issuance 12 , 514 . 04 • Bond Insurance and Rating Fee 4 , 536000 • Accrued Interest and Contingency 4 , 650 . 53 Total Uses of Funds $ 190009200 . 57 TRANSFERABILITY The Bonds may be transferred only on the Bond Register maintained by the Registrar for that purpose and only if endorsed in writing in the manner provided thereon and surrendered by the Registered Owner or Registered Owner ' s nominee to the Registrar for re -registration upon the Bond Register and on the Registration Certificate on the Bonds . Such transfer shall be without cost to the Registered Owner or transferee . The City and the Registrar may deem the person in whose name each Bond is registered to be the absolute owner thereof for the purpose of securing payment of the principal of and interest on such Bond and for any and all other purposes whatsoever . Upon surrender thereof to the Registrar , the Bonds are interchangeable for Bonds in any authorized denomination of an equal aggregate principal amount and of the same interest rate and maturity . The Registrar shall not be obligated to exchange or transfer any Bond during the fifteen days preceding any principal payment or redemption date . DEBT PAYMENT RECORD The City has always promptly met principal and interest payments on outstanding bonds when due . Additionally , no refunding bonds have been issued for the purpose of preventing an impending default . FUTURE FINANCING Concurrently with the Bonds , the City is issuing $ 3 , 105 , 000 Limited Tax General Obligation and Refunding Bonds , 1996 dated November 1 , 1996 . The City does not anticipate issuing any additional general obligation bonds over the next 12 months . 4 u ASSESSED VALUATION DETERMINATION In the State of Washington , the County Assessor ( an elected official ) determines the value of all real and personal property throughout the County ( including the City ) which is subject to ad valorem taxation . The County Assessor ' s duties and methods of determining value are prescribed and controlled by statute and by detailed regulations promulgated by the Department of Revenue of the State of Washington . For tax purposes the assessed value of property is set at 100 % of its actual value . All property is subject to revaluation every year and receives an on - site appraisal every six years . Each parcel ' s assessed valuation is subject to a comparison with market value annually and is updated accordingly . The property is listed by the County Assessor on a roll at its current assessed value and the roll is filed in the County Assessor ' s office . The County Assessor' s determinations are subject to revisions by the County Board of Equalization and , for certain property , subject to further revisions by the State Board of Equalization . After all administrative procedures are completed , the taxing unit receives the County Assessor' s final certificate of assessed value of property within the taxing unit . TAX COLLECTION PROCEDURE Property taxes are levied in specific amounts , and the rate for all taxes levied for all taxing districts in the County ( including the City ) are determined , calculated and fixed by the Assessor based upon the assessed valuation of the property within the various taxing districts . The County Assessor extends the taxes to be levied within each taxing district upon a tax roll which contains the total amount of taxes to be so levied and collected . The tax roll is delivered to the County Treasurer ( an elected official ) by January 15 , of each year , and an abstract of the tax roll , showing the total amount of taxes collectible in each of the taxing districts for the year , is delivered to the County Auditor ( an elected official ) at the same time . The County Auditor issues to the County Treasurer a warrant authorizing the collection of taxes listed on the County' Assessor' s certified tax roll . The County Treasurer creates a tax account for each taxpayer and is responsible for the collection of taxes due to each account . All such taxes are due and payable on the 30th of April of each year , but if the amount due from a taxpayer exceeds thirty dollars , one- half may be paid then and the balance no later than October 31 , of each year . The method of giving notice of payment of taxes due , the County Treasurer ' s accounting for the money collected , the division of the taxes among the various taxing districts , notice of delinquency , and collection procedures are all covered by detailed statutes . The lien for ad valorem property taxes which have been levied prior to the filing of federal tax liens is prior to such federal tax liens . In other respects , and subject to the possible " Homestead Exemption , " the lien for delinquent property taxes is prior to all other liens or encumbrances of any kind on real or personal property subject to taxation . By law the taxing unit may commence foreclosure of a tax lien on real property after three years have passed since the first delinquency . Washington State ' s courts have not decided whether the Homestead Law ( Chapter 6 . 13 RCW) may give the occupying home owner a right in the forced sale of the family residence for delinquent general property taxes to retain the first $ 30 , 000 of proceeds of the sale . ( See Algona v . Sharp , 30 Wn . App . 837 , 638 P . 2d 627 ( 1982 ) , holding the homestead right superior to liens for local improvement district assessments ) . AUTHORIZATION OF DEBT The power of the City to contract debt of any kind is controlled and limited by state law . All debt must be set forth in accordance with detailed budget procedures and paid for out of identifiable receipts and revenues . The budget must be balanced for each fiscal year . It is unlawful for an officer or employee of the City to incur liabilities in excess of budgetary appropriations . 5 GENERAL OBLIGATION INDEBTEDNESS Under the Constitution and statutes of the State , the City may incur two types of general obligation indebtedness ( including bonds ) . The two types are primarily differentiated by the limits on the real and personal property taxes which may be collected for the payment thereof. Limited tax general obligation indebtedness is payable from taxes upon all the taxable property in the City which may be imposed by the City within the limitations prescribed by State statute without a vote of the people ( sometimes referred to as " non - voted debt" or " non - voted bonds " or " councilmanic bonds " ) . The statutory limits on the levy of such taxes are described in the section herein entitled " LIMITS ON AMOUNT OF GENERAL OBLIGATION INDEBTEDNESS . " Unlimited tax general obligation indebtedness is payable from taxes without limitation as to rate or amount , imposed upon all taxable property in the City . Unlimited tax indebtedness may be incurred only after approval by 60 % of the City voters at an election in which the total vote cast exceeds 40 % of the votes cast at the last preceding general election of the City or State . Such unlimited tax indebtedness is sometimes referred to as " voted debt , " " voted bonds " or " unlimited tax bonds . " Bonds issued to refund outstanding general obligation indebtedness of either type may be issued without voter approval . LIMITS ON AMOUNT OF GENERAL OBLIGATION INDEBTEDNESS State statutes limit the total principal amount of all City general obligation indebtedness incurred for " general" purposes , both limited tax and unlimited tax , to 2 . 5 % of the actual value of taxable property within the City . Within this 2 . 5 % limitation , non - voted indebtedness is further limited to 1 . 5 % of the value of such taxable property . The City is additionally authorized to incur general obligation indebtedness for the following " special " purposes , with voter approval , in the total principal amount of up to the following percentages of the actual value of taxable property within the City : water , artificial light and sewers : 2 . 5 % ; open space and park facilities : 2 . 5 % . The combination of unlimited tax and limited tax general obligation debt for all purposes cannot exceed 7 . 5 % of the City ' s assessed valuation . The State statutory limits on City general obligation indebtedness described in this section are more restrictive than those contained in the State Constitution . Both the Constitutional and statutory debt limits may be exceeded if necessary to meet obligations made mandatory by State law or , if necessary , to maintain the corporate existence of the City . In computing total general obligation indebtedness , the following " assets " may be deducted against the principal amount of indebtedness outstanding : ( a) money and investments on deposit in general obligation bond retirement funds : (b ) taxes (both current and delinquent) levied for the payment of general obligation indebtedness ; and ( c ) delinquent (but not current) taxes due the general fund . In addition to limits on the total principal amount of general obligation indebtedness described in this section , the Constitution and statutes of the State impose other limitations on the City ' s levy of taxes upon real and personal property ( See section herein entitled " TAXING POWERS AND LIMITATIONS " . ) AUTHORIZATION OF SHORT-TERM DEBT As a result of 1982 legislation , any Washington municipal corporation may borrow money and issue short- term obligations , the proceeds of which may be used for any lawful purpose . Short - 6 term obligations may be issued in anticipation of the receipt of revenues , taxes , or grants or the sale of ( 1 ) general obligation bonds if the bonds may be issued without the consent of the voters or if previously ratified by the voters ; ( 2 ) revenue bonds if the bonds have been authorized by ordinance or resolution ; or ( 3 ) local improvement district bonds if the bonds have been authorized by ordinance or resolution . These short- term obligations shall be repaid out of money derived from the source or sources in anticipation of which they were issued or from any money legally available for this purpose . Additionally , the City may incur short - term indebtedness in the following ways : first , in an emergency , the Council members may put a plan into effect and authorize indebtedness outside the current budget . All expenditures for emergency purpose shall be paid by warrants from any available money in the fund properly chargeable with such expenditures . If there is insufficient money on hand in the fund , the warrants become registered interest-bearing warrants . In adopting the budget for any fiscal year , the Council members shall appropriate funds to retire any outstanding registered warrants issued since the adoption of the last preceding budget . Second , the City may , without a vote of the electors , purchase property on a conditional sales contract if the total contract amount , together with the other non - voted general obligation indebtedness of the City , does not exceed 3 /4 of one percent of the value of taxable property in the City ; any item so purchased must be budgeted for payment in accordance with the terms of the contract . TAXING POWERS AND LIMITATIONS Pursuant to RCW 84 . 52 . 0439 cities may levy , without a vote of the residents residing therein , a maximum of $ 3 . 375 per thousand for general city purposes (the "regular levy " ) . Cities with full - time firemen may levy an additional $ . 225 per thousand to fund the city ' s Fireman ' s Pension Fund (RCW 41 . 16 . 060 ) , thus creating a maximum annual levy rate of $ 3 . 60 per thousand . The City is currently levying $ 3 . 60 per thousand dollars of taxable assessed valuation for its regular levy . According to RCW 27 . 12 . 390 , any city or town annexed to a rural library district , island library district , or inter- county rural library district , such as the City , shall be entitled to levy up to three dollars and sixty cents per thousand dollars of assessed valuation less any regular levy made by such library district in the incorporated area , notwithstanding any other provision of law . A city ' s regular property taxes are subject to the provisions of a state statute limiting the growth of annual property taxes (RCW 84 . 55 . 010 ) . The limitation provides that the regular property taxes payable in the following year shall not exceed one - hundred and six percent ( 106 % ) of the amount of the single highest regular levy amount lawfully levied by the municipal entity in the three immediately preceding calendar years plus an additional amount due to the incremental assessed valuation increase in the municipal entity caused by new construction and property improvements . The regular property taxes levied by a city may be increased above the 106 % limitation upon the affirmative vote of a majority of the voters residing in the municipal entity at an election held for such purposes (RCW 84 . 55 . 050 ) . AUDITING OF CITY FINANCES The State Auditor is required to examine the affairs of cities at least once every two years . The examination must include , among other things , the financial condition and resources of the City , whether the laws and constitution of the State are being complied with , and the methods and accuracy of the accounts and reports of the City . Reports of the Auditor ' s examinations are required to be filed in the office of the State Auditor and in the finance department of the City . 7 z NET DIRECT DEBT AND ESTIMATED NET OVERLAPPING GENERAL OBLIGATION DEBT ( As of June 30 , 1996 ) 1 Direct Debt : Voted General Obligation Bonds Outstanding . . . . . . . . $ 1751, 000 Councilmanic Bonds Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 3 , 3509000 TheBonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 , 000 , 000 Less : Bond Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 102 ,4131 ) Net Direct Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45422 , 869 Estimated Net Overlapping Debt : Net G . O . Debt Percent of Amount of Outstanding Overlap Overlap Clark County . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5093009000 6 . 04 % $ 370367325 Port of Vancouver . . . . . . . . . . . . . . . . . . . . . . . . . . 21 , 4909000 . 66 142 , 347 Port of Camas/Washougal . . . . . . . . . . . . . . 391659000 47 . 70 115099734 Camas School District 24 , 5669000 75 . 62 189577 , 714 Washougal School District . . . . . . . .. . . . . 2 , 180 , 000 . 48 101, 539 Fire Protection District No . 9 . . . . . . . . . 299 , 000 24 . 10 72 , 069 Estimated Net Overlapping Debts. . a 00 0 * 0006606 * 00066666006 * ago $ 237348 , 728 Net Direct plus Estimated Net Overlapping Debt . Doss . . $ 27 , 7711597 BONDED DEBT RATIOS OF THE CITY 1995 Assessed Valuation for Collection Year 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 928 , 245 , 4063 Estimated City Population ( 1996 ) . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 6 0 0 0 0 * 0 0 . . . . . . 0 * 0 0 0 0 . . . . . . . . . . . . . . . . . 8 , 810 Assessed Valuation Per Capita . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 105 , 363 Net Direct Debt to Assessed Valuation . . . . . . . . . . . . . . . so 0000 * & * * * * as a 0000000000400 0000000000000060 048 % Net Direct and Estimated Overlapping Debt to Assessed Valuation . . . . . . . . . . . . 2 . 99 % Net Direct Debt Per Capita . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 * 0 0 0 . . . . . . . . . . O . . . . . . . . . . . . . . . . . 0 0 0 0 . 0 0 0 $ 502 Net Direct and Estimated Overlapping Debt Per Capita . . $ 3 , 152 1 Adjusted to reflect the issuance of the Bonds . 2 Includes the effect of the City ' s $ 3 , 110 ,000 Limited Tax General Obligation and Refunding Bonds , 1996 . 3 Assessed valuation is stated as the full assessed value of all taxable real and property in the City , excluding senior citizens and including Timber Assessed Value which was $94 , 794 for collection year 1996 . Does not include portion of James River' s assessed value which is under appeal . 8 STATUTORY DEBT LIMIT CALCULATION FOR THE CITY (As of June 30 , 1996 ) 1 Current Assessed Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 92872459406 General Purposes Non - Voted Debt Capacity ( 1 . 5 of 1 % of assessed valuation ) . . . . . . . . . . . . . . . . . . . . . . $ 1399239681 Less : Councilmanic Bonds Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 3 , 350 , 000 ) Less : Non - Voted Portion of the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 80 , 000 ) Plus : Bond Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 , 947 Remaining Non -voted G . O . Capacity . . . . . . . . . . . . . . . . . . . . . . . . . . 0000 . . . . $ 10 , 551 , 628 Voted Debt Capacity (2 . 5 % of assessed valuation ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23 , 2069135 Less : Voted Bonds Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 Less : Councilmanic Bonds Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 393504) 000 ) Less : Non- Voted Portion of the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 80 , 000) Plus : Bond Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 , 131 Total Remaining Capacity For General Purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19 , 8789266 Utility Purposes Voted Debt Capacity (2 . 5 % of assessed valuation ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 239206 , 135 Less : Voted Bonds Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 Remaining Capacity for Utility Purpose . 000 powwow asoome OWOOOOOOWOO a woos Owosso Owosso 0 0 $ 234) 2064) 135 Parks and Open Space Purposes Voted Debt Capacity (2 . 5 % of assessed valuation ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23 , 2069135 Less : Voted Bonds Outstanding , Including the Bonds . . . . . . . . . . . . . . . . . . . . . . . ( 1 , 175 , 000) Plus : Bond Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444, 184 Remaining Capacity for Parks and Open Space . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22 , 075 , 319 1 Adjusted to reflect the issuance of the Bonds and effect of the City ' s $ 3 , 110 ,000 Limited Tax General Obligation and Refunding Bonds , 1996 2 Assessed valuation is stated as the full assessed value of all taxable real and personal property in the City , excluding senior citizens and including Timber Assessed Value of $ 94 , 794 . Does not include portion of James River ' s assessed value which is under appeal . 9 AD VALOREM TAX COLLECTION RECORD OF THE CITY 1 Adjusted Collected Collected as of Collection Assessed Tax Year of Lew June 30 , 1996 Year Valuation 2 Lem 3 Amount Percent Amount Percent 1996 $ 928 , 245 , 4044 $ 3 , 7579165 N/A5 N/A5 N/A5 N/A5 1995 797 , 713 , 0174 3 , 240 , 158 $ 39127 , 953 96 . 54 % $ 3 , 194 , 786 98 . 60 % 1994 863 , 1579601 313489 , 722 31424 , 045 98 . 12 3 , 4737255 99 . 53 1993 806 , 874 , 502 31266 , 218 3 , 1831019 97 . 45 39261 , 666 99 . 86 1992 71494657874 27880 , 826 2 , 818 , 3164 97 . 83 29877 , 729 99 . 89 NOTE : Taxes are due and payable on April 30 , of each year succeeding the levy . At least one half of the tax amount due must be paid on or before April 30 , or else the total amount becomes delinquent on May 1 . The second half of the tax due is payable on or before October 31 , becoming delinquent November 1 . REPRESENTATIVE CITY AD VALOREM PROPERTY TAX RATES FOR COLLECTION YEAR 19966 ( Dollars per $ 1 , 000 of assessed valuation ) Minimum Maximum City of Camas $ 3 . 98819 $ 3 . 98819 Camas School District - - 5 . 30596 Washougal School District 3 . 97527 - - Port of Camas/Washougal 0 . 42379 0 . 42379 State Schools 3 . 22437 3 . 22437 Clark County 1 , 73336 1 . 73336 Fire District No . 9 ( Bonds ) - - 0 . 19491 Total $ 13 . 34498 $ 14 . 8705 8 1 Source : Clark County Assessor ' s Office and Clark County Treasurer ' s Office . 2 Assessed Valuation is stated as the full assessed value of all taxable real and personal property in the City , excluding senior citizens and including Timber Assessed Value . 3 Includes all City of Camas funds . 4 Does not include the portion of assessed value for James River Corporation, which is now under appeal for collection year 1995 and for collection year 1996 . 5 Not available ; in process of collection . 6 Source : Clark County Assessor ' s Office . 10 LEVY AMOUNTS AND RATES OF THE CITY 1 Levy Amount Levy Rate General EMS General Bond EMS Year Fund Bond Fund Fund Total Fund Fund Fund Total 1996 $ 39396 , 862 $ 128 ,1265 $ 232 , 038 $ 3 , 757 , 165 $ 3 . 60 $ . 13819 $ . 25 $ 3 . 98819 1995 299119809 126 , 168 202 , 181 3 , 240 , 158 3 . 60 . 15817 . 25 4 . 00817 1994 39142 , 477 129 , 018 2189227 3148943722 3 . 60 . 14949 . 25 3 . 99949 1993 2 , 935 , 814 1261, 527 2039877 3 , 266 , 218 3 . 60 . 15681 . 25 4 . 00681 1992 2 , 574 , 360 1284) 985 177 , 481 21880 , 826 3 . 60 . 18168 . 25 4 . 03168 MAJOR TAXPAYERS WITHIN THE CITY3 PERCENT OF CITY TAXPAYER TYPE OF BUSINESS ASSESSED VALUE ASSESSED VALUE James River Paper Products $ 2809450 , 7604 30 . 21 % Sharp Microelectronics Micro - Electronics 37 , 739 , 095 4 . 06 Camas Power Boiler Public Utility 337222 ,400 3 . 58 Pacificorp Investment Co . jutility 194N94) 911 2 . 15 Underwriters Laboratories Research & Testing 19 , 0461385 2 . 05 Heraeus Shin-Etsu America Micro- Electronics 9 , 616 , 355 1 . 04 GTE Telephone Utility 596054) 396 060 Fuji -Lease Lease Company 575099615 . 59 Tidland Paper Converting Equip . 34) 9884) 725 . 43 Nw Natural Gas Gas Utility 24) 3329349 . 25 1 Source : Clark County Assessor and Clark County Treasurer. 2 Collection Year. 3 Source : Clark County Assessor, provided September 1996 4 Value for James River does not include the portion of assessed value now under appeal . 11 COMPARATIVE STATEMENT OF GENERAL FUND , REVENUES AND EXPENDITURES 1 ( Fiscal Year Ending December 31 ) REVENUES 1995 1994 1993 1992 1991 Taxes $ 3 , 927 , 8682 $ 4 , 166 ,453 $ 377693, 545 $ 3 , 3849176 $ 371697608 Licenses & Permits 4159164 3477999 2159643 106 , 167 1079684 Intergovernmental 282 , 965 335 , 123 306 , 314 2869028 311 , 967 Charges for Services 776 , 969 794 , 062 6189186 5697734 521 , 492 Fines & Forfeits 150 , 251 150 , 247 1289132 127 , 723 1407320 Miscellaneous/Other 226 , 184 1944, 918 163 , 635 1644468 3473592 TOTAL REVENUES $ 59779 , 401 $ 51, 966 , 802 $ 5 , 201 , 455 $ 496387296 $ 415987663 EXPENDITURES General Government $ 873 , 376 $ 996 , 794 $ 896 , 766 $ 8517382 $ 818 , 844 Security of Pers . & Prop . 21185 , 876 29135 , 896 29000 , 744 2 , 0077685 27122 , 846 Physical Environment 653 , 825 638 , 921 644 , 510 59619831 512 , 181 Economic Environment 567028 98 , 606 89 , 855 72 , 326 697967 Mental & Physical Health 58 , 675 557275 51 , 521 479363 41 , 593 Culture & Recreation 888 , 965 862 , 262 362 , 337 348 , 037 28330596 Interest & Other DS Costs 73 , 793 0 0 238 , 468 335 , 164 TOTAL EXPENDITURES $ 4 , 7901533 $4 , 787 , 654 $ 4490457733 $ 410157 , 092 $ 4 , 184 , 191 EXCESS ( DEFICIENCY) OF REVENUES OVER EXPENDITURES $ 988 , 868 $ 19201 , 148 $ 141155 , 722 $ 481 , 204 $ 4149472 OTHER FINANCING SOURCES ( USES ) $ (,639 , 223 ) $ ( 6584, 465 ) $ 03364, 363) $ 04292 $ ( 1 , 330 , 053 ) EXCESS ( DEFICIT) OF REVENUE OVER USES $ 349 , 645 $ 5429683 $ ( 1809641 ) $ ( 81090828 ) $ ( 915 , 581 ) NET-TRANSFERS/ $ 31280 $ ( 197983 ) $ 0 $ 0 $ 0 ADJUSTMENTS BEGINNING CASH AND INVESTMENTS = JAN . 1 $ 2 , 208 , 917 $ 1 , 686 , 217 $ 1448664, 858 $ 2 , 677 , 686 $ 34, 5934, 265 ENDING CASH AND INVESTMENTS - DEC . 31 $ 29561 , 842 $ 29208 ,0917 $ 1168610217 $ 14) 866 , 858 $ 29677 , 684 1 All years have been audited by the Washington State Auditor . 2 Tax revenue does not include property tax on the portion of James River property now under appeal . 12 1996 GENERAL FUND BUDGET OF THE CITY ( Fiscal Year Ending December 31 ) 1 REVENUES Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4 , • . 2 , 7 102 Licenses & Permits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3129400 Intergovernmental Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274 , 699 Charges for Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 756 , 482 Fines & Forfeits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 , 400 Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1574, 200 TOTAL REVENUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 610919891 EXPENDITURES General Government Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 , 017 ,406 Security Persons and Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 , 5217565 Physical Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 760 , 106 Economic Environment . . . . . . . . . . * 0000 * 000 * * 9 0 sea a ease 0006000000 * * a & * * 0 1199875 Mental and Physical Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 , 226 Culture and Recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 1 , 073 , 699 Capitalized Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 , 300 SUB -TOTAL EXPENDITURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 59514 , 177 EXCESS ( DEFICIENCY ) OF REVENUES OVER EXPENDITURES . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 577 , 714 TOTAL OTHER FINANCING SOURCES ( USES ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ( 857 , 885 ) BEGINNING UNRESERVED FUND BALANCE as JANUARY 1 , 1996 $ 280 , 171 TOTAL BUDGET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69372 , 662 1 Source : The City . 2 Budgeted tax does not include the portion of James River property tax now under appeal . 13 SCHEDULE OF GENERAL OBLIGATION BOND DEBT SERVICE FOR THE CITY ( Years ending December 31 ) Outstanding General Obligation Debt The Bonds LTGO Bonds UTGO Bonds Total Debt Year Principal Interest Principal Interest Principal Interest Service 1997 $ 19000 $ 1829800 $ 55 , 000 $ 11 , 553 $ 101000 $ 52 , 929 $ 5029282 1998 215 , 000 160 , 988 609000 79950 15 , 000 484, 478 5079416 1999 2209000 150 , 235 609000 39990 15 , 000 479855 4979080 2000 2359000 1389895 0 0 8000 479202 5019097 2001 1759000 1269500 0 0 85 , 000 439643 430 , 143 2002 1859000 1189450 0 0 909000 39 , 775 4339225 2003 1959000 1099755 0 0 95 , 000 35 , 545 4359300 2004 20500 1009395 0 0 100 , 000 30 , 985 4367380 .� 2005 2109000 90 , 350 0 , 0 10500 269085 431 435 2006 22500 799850 0 0 110 , 000 209835 4359685 2007 235 , 000 68 , 488 0 0 12000 159280 4389768 2008 2459000 569502 0 0 1159000 9 , 160 425 , 662 2009 260 , 000 43 , 763 0 0 609000 19590 3659353 2010 27 0 , 000 3 0 , 112 . 0 0 0 0 3005112 2011 2857000 159533 0 0 0 0 300 , 533 2012 0 0 0 0 0 0 0 2013 0 0 0 0 0 0 0 2014 0 0 0 0 0 0 0 Total $ 3 , 350 , 000 $ 1 , 472 , 616 $ 1759000 $ 239493 $ 150009000 $ 4199362 $ 6 , 440 , 471 CITY PROFILE The City was incorporated in 1906 and operates under state laws applicable to noncharter code cities with a mayor- council form of government . The City is a general purpose government and provides police , fire , ambulance service , streets , sanitation , health , recreation , library , public improvements , planning and zoning , water supply treatment and distribution , and sewage collection and treatment . Mayor and City Council The City is governed by an elected mayor and a seven - member city council . The current members of the Camas City Council and their term expiration dates are as follows : Name Position Term Expiration Date Dean Dossett Mayor December 31 , 1999 Helen Gerde Council Member December 31 , 1999 Leslie Giltz Council Member December 31 , 1999 Sean Guard Council Member December 31 , 1997 Gwen Hahn Council Member December 31 , 1997 Rosalee MacRae Council Member December 31 , 1997 Dale Thomas Council Member December 31 , 1999 C . R . Woodruff Council Member December 31 , 1999 The four bargaining units which represent employees of the City are shown as follows : Number of Current Bargaining Unit Employees Contract Expires Office of Professional Employees International Union 30 12/31 /97 .American Federation of State , County & Municipal Employees 20 12/31 /95 * International Association of Firefighters 17 12/31 /98 Camas Police Officers Association 11 12/31 /97 * under negotiation Labor relations with all four bargaining units are considered generally good . Pension System Substantially all City full - time and qualifying part - time employees participate in one of the following statewide local government retirement systems administered by the Department of Retirement Systems , under cost- sharing , multiple - employer public employee retirement systems . Actuarial information is on a system- wide basis and is not considered pertinent to the City ' s financial statements . Contributions to the systems by both employee and employer are based upon gross wages covered by plan benefits . The Public Employees ' Retirement System ( " PERS " ) and the Law Enforcement Officers ' and Fire Fighters ' Retirement System ( "LEOFF ' ) each include two plans , which are actually tiers . Participants who joined either system by September 30 , 1977 are Plan I members . Those who joined thereafter are Plan II members . Retirement benefits are financed from both employer and employee contributions and investment earnings . Retirement benefits under both plans are vested after completion of five years of eligible service . The City ' s contribution to PERS ( 7 . 42 percent under Plan I and 7 . 42 percent under Plan II of covered payroll ) , for the year ending December 31 , 1995 , of $ 171 , 537 represents its full liability under the system , except that future rates may be adjusted to meet the system needs . 15 3 The City ' s contributions to LEOFF ( 6 percent under Plan I and 5 . 05 percent under Plan II of covered payroll ) for the year ending December 31 , 1995 , of $ 84 , 745 represents its full liability under the system , except that future rates may be adjusted to meet the system needs . Accounting Practices The accounting policies of the City conform to the Budgeting, Accounting, and Reporting System manual for Category 1 local governments prescribed by the State Auditor under chapter 43 . 09 RCW . The following is a summary of the more significant policies , including identification of those policies which result in material departures from generally accepted accounting principles . Fund Accounting . The City ' s accounts are organized on the basis of funds , each of which is considered a separate accounting entity . Each fund is accounted for with a separate set of self- balancing accounts that comprises its cash , investments , revenues and expenditures , or expenses , as appropriate . The City ' s resources are allocated to and accounted for in individual funds depending on what they are to be spent for and how they are controlled . Basis of Accountin The accounting and reporting policies conform to generally accepted accounting principles ( " GAAP " ) as applicable to governmental units . Governmental funds use the modified - accrual basis of accounting which differs from the accrual basis as follows : ( i ) purchases of capital assets are considered expenditures ; ( ii ) redemptions of long - term debt are considered expenditures when due ; ( iii ) revenues are recognized only when they become both measurable and available to finance expenditures of the current period ( Revenues that are measurable but not available are recorded as receivable and offset by deferred revenues . ) ; ( iv ) inventories and prepaid items are reported as expenditures when purchased ; ( v) interest on long - term debt is not accrued but is recorded as an expenditure when due ; and ( vi ) accrued compensated absences are considered expenditures when paid . Scope of Budget . Budgetary accounts are integrated in fund ledgers for all budgeted funds and the financial statements include budgetary comparisons for all funds . Annual appropriated budgets are adopted at the level of the fund . Annual appropriations for all funds lapse at year end . The Mayor is authorized to transfer budgeted amounts between departments within any fund and object classes within departments ; however , any revision that alters the total expenditures of a fund , or that affect the number of authorized employee positions , salary ranges , hours , or other conditions of employment must be approved by the city council . When the council determines that it is the best interest of the City to increase or decrease the appropriation for a particular fund it may do so by ordinance approved by a simple majority . Auditing of City Finances The State Auditor is required to examine the affairs of cities at least once every two years . The examination must include , among other things , the financial condition and resources of the City , whether the laws and constitution of the State are being complied with , and the methods and accuracy of the accounts and reports of the City . The City is audited annually . Reports of the auditor ' s examinations are required to be filed in the office of the State Auditor and in the finance department of the City . Risk Management The City is a member of the Washington Cities Insurance Authority . Chapter 48 . 62 RCW authorizes the governing body of any one or more governmental entities to form together into or join a pool or organization for the joint purchasing of insurance , and/or i oint self- insuring , and/or joint hiring or contracting for risk management services . An agreement to form a pooling arrangement was made pursuant to the provisions of Chapter 39 . 34 RCW , the Interlocal Cooperation Act . The pool was formed on September 1 , 1988 , when 34 cities in . the State joined together by signing an interlocal government agreement to pool their self- insured losses and jointly purchase insurance and administrative services . Eighty - eight cities have since joined the pool . 16 The pool allows members to jointly purchase insurance coverage and provide related services , such as administration , risk management , claims administration , etc . Coverage for Public Officials Liability is on a " claims made basis . " All other coverages are on an " occurrence basis . " The pool provides the following forms of group purchases insurance coverage for its members : property , liability , vehicle liability , other mobile equipment , boiler and machinery , bonds of various types , excess liability and public official liability . The pool acquires liability insurance from unrelated underwriters that are subject to a per - occurrence deductible of $ 100 , 000 . Members are responsible for the first $ 1 , 000 of the deductible amount of each claim , while the pool is responsible for the remaining $ 99 , 000 . Insurance carriers cover insured losses over $ 100 , 000 to the limits of each policy . Since the pool is a cooperative program , there is a joint liability among the participating members towards the sharing of the $ 99 , 000 portion of the deductible . Investment Practices In accordance with state law , all deposits and investments of the City ' s funds are obligations of the U . S . Government , the State Treasurer ' s Local Government Investment Pool ( " LGIP" ) or deposits with Washington State banks and savings and loan institutions . The City participates in State Treasurer ' s Local Government Investment Pool , a voluntary pool administered by the State Treasurer ' s Office . The City ' s deposits and certificates of deposit are entirely covered by federal depository insurance or by collateral held in a multiple financial institution collateral pool administered by the Washington Public Deposit Protection Commission . As of June 30 , 1996 , the City ' s investment portfolio totaled approximately $ 11 . 8 million , of which 26 percent was invested in certificates of deposit , 33 percent was in the LGIP , 15 percent was invested in treasury notes and the remainder was invested in agency bonds and notes . GENERAL AND ECONOMIC INFORMATION The City is located in southwest Washington , in Clark County ( the " County " ) approximately 15 miles east of Vancouver and 23 miles northeast of Portland , Oregon . Historical population of Clark County and the City of Camas are shown in the following table . POPULATION1 Clark City of Year County Camas 1996 303 , 500 8 , 810 1995 2919000 81015 1994 280 , 800 7 , 430 1993 269 , 500 7 , 220 1992 257 , 500 77045 1991 250 , 300 67880 1990 2384) 053 61798 The economy of the City is based primarily on pulp/paper manufacturing and processing , high technology and other diversified manufacturing . Its close proximity to Vancouver , Washington and Portland , Oregon , ties its trade , residents and employment base to those communities . Completion of Interstate 205 and the I - 205 bridge across the Columbia River , just a few miles west of the City , in the early 1980s has contributed to the growth in Camas . This highway enables a fast commute from Camas to Portland , Oregon , and its international airport . I U . S . Census and Washington State Office of Financial Management . 17 James River Corporation James River Corporation , a manufacturer of business paper in Camas , currently provides employment to 1 , 650 people . The company has most of its Clark County facilities in the City . James River recently completed a $40 million wood waste burner to provide heating for its own facilities and is currently undertaking a $ 7 million air and water quality improvement project . The company also operates an administration building in the . City . The Camas mill produces 1 , 600 tons of paper , towels and tissues a day . The company is the second largest employer in the County . In October 1994 , James. River Corporation began what continues to be an ongoing process of appeals on its assessed value . The company appealed its 1994 assessed value of $ 389 , 000 , 000 and a decision by the Board of Tax Appeals was made in 1996 that adjusted the disputed assessed value to $ 338 , 000 , 000 . James River Corporation has appealed this decision to the Thurston County Superior Court to be heard April 18 , 1997 , and Clark County has counter- appealed for a higher amount . In addition to the 1994 appeal , James River Corporation has appealed its 1995 , 1996 , and just recently its projected 1997 assessed value . Since the disputed assessed value of James River Corporation exceeds one - quarter of 1 % of the total assessed value for Clark County in 1994 , 1995 , 1996 , the company was not required to pay the applicable tax until the appeal process is complete . In addition , James River corporation has filed an appeal on its 1992 and 1993 assessed value and is requesting a refund on taxes paid in these years since it has fully paid property taxes in those years . The 1993 appeal has been filed in Clark County Superior Court , but no trial date has been set . The 1992 appeal has been filed with the Board of Tax Appeals . James River Corporation believes its assessed value has remained a constant $ 204 , 000 , 000 for years 1992 through 1997 , while the Clark County Assessor ' s Office believes its value to be $ 455 , 000 , 000 in 1992 to the current $ 560 , 000 , 000 . Any taxes not paid by James River Corporation and established as owing by the courts will accrue interest at 9 % per annum . The City of Camas continues to base its budget omitting the disputed revenues and will likely use settlement funds including interest for street and facility improvements , and other capital improvements . High Technology The City lies within an area of Clark County known as " Silicon Valley North " , because of its numerous high technology firms . Sharp Microelectronics Inc . completed a $ 35 million facility for the manufacture of D - RAM chips for the computer industry in the City of Camas in May of 1990 . The company now has a division at this site which is the first U . S . plant to produce liquid crystal displays for the computer industry . The company also recently completed expansion projects for the development of flat panel displays and full color active matrix displays . Sharp has also just completed an $ 8 million multi - media research laboratory , the company ' s first stand - alone research and development laboratory in the United States . Currently , 2 , 700 Hewlett - Packard employees are employed in manufacturing , research and development marketing and support services for person computer and work station printers in Clark County , just west of the City . The company now has one office building and two manufacturing facilities , together totaling approximately 690 , 000 square feet . Hewlett Packard is the largest employer in the County . In July 1996 , site development for a $ 1 . 2 billion WaferTech facility in the City was begun . The project is a joint venture of Taiwan Semiconductor , Analog Devices , Integrated Silicon Solution , and Altera . Construction is expected to take 14 months and 2 , 500 union workers are expected to be employed to construct the facility . The plant will be a foundry that etches customers ' integrated circuit designs onto silicon wafers . Production at the plant is expected to begin by mid4998 . If completed as anticipated , plant is anticipated to create 8001 obs by completion in 2000 , with an estimated 250 workers hired by late 1997 . 18 The City ' s contributions to LEOFF ( 6 percent under Plan I and 5 . 05 percent under Plan II of covered payroll ) for the year - ending December 31 , 1995 , of $ 84 , 745 represents its full liability under the system, except that future rates may be adjusted to meet the system needs . Accounting Practices The accounting policies of the City conform to the Budgeting, Accounting, and Reporting System manual for Category 1 local governments prescribed by the State Auditor under chapter 43 . 09 RCW . The following is a summary of the more significant policies , including identification of those policies which result in material departures from generally accepted accounting principles . Fund Accounting . The City ' s accounts are organized on the basis of funds , each of which is considered a separate accounting entity . Each fund is accounted for with a separate set of self- balancing accounts that comprises its cash , investments , revenues and expenditures , or expenses , as appropriate . The City ' s resources are allocated to and accounted for in individual funds depending on what they are to be spent for and how they are controlled . Basis of Accounting . The accounting and reporting policies conform to generally accepted accounting principles ( " GAAP" ) as applicable to governmental units . Governmental funds use the modified - accrual basis of accounting which differs from the accrual basis as follows : ( i ) purchases of capital assets are considered expenditures ; (ii ) redemptions of long - term debt are considered expenditures when due ; (iii ) revenues are recognized only when they become both measurable and available to finance expenditures of the current period ( Revenues that are measurable but not available are recorded as receivable and offset by deferred revenues . ) ; ( iv ) inventories and prepaid items are reported as expenditures when purchased ; ( v) interest on long - term debt is not accrued but is recorded as an expenditure when due ; and ( vi ) accrued compensated absences are considered expenditures when paid . Scope of Budget . Budgetary accounts are integrated in fund ledgers for all budgeted funds and the financial statements include budgetary comparisons for all funds . Annual appropriated budgets are adopted at the level of the fund . Annual appropriations for all funds lapse at year end . The Mayor is authorized to transfer budgeted amounts between departments within any fund and object classes within departments ; however , any revision that alters the total expenditures of a fund , or that affect the number of authorized employee positions , salary ranges , hours , or other conditions of employment must be approved by the city council . When the council determines that it is the best interest of the City to increase or decrease the appropriation for a particular fund it may do so by ordinance approved by a simple majority . Auditing of City Finances The State Auditor is required to examine the affairs of cities at least once every two years . The examination must include , among other things , the financial condition and resources of the City , whether the laws and constitution of the State are being complied with , and the methods and accuracy of the accounts and reports of the City . The City is audited annually . Reports of the auditor ' s examinations are required to be filed in the office of the State Auditor and in the finance department of the City . Risk Management The City is a member of the Washington Cities Insurance Authority . Chapter 48 . 62 RCW authorizes the governing body of any one or more governmental entities to form together into or join a pool or organization for the joint purchasing of insurance , and/or joint self- insuring , and/or joint hiring or contracting for risk management services . An agreement to form a pooling arrangement was made pursuant to the provisions of Chapter 39 . 34 RCW , the Interlocal Cooperation Act . The pool was formed on September 1 , 1988 , when 34 cities in the State joined together by signing an interlocal government agreement to pool their self- insured losses and jointly purchase insurance and administrative services . Eighty - eight cities have since joined the POOL 18 The project will have a major impact on the City . The investment in phase one of the project is estimated to be made as follows over the next five years : 1996 $ 42 million 1997 361 million 1998 388 million 1999 226 million 2000 183 million Total $ 1 . 200 billion Underwriters Laboratories , a national nonprofit safety testing firm , recently completed construction of its $ 15 million , 115 , 000 square - foot testing facility at its 72 - acre campus in the City of Camas . The facility is currently operating with 46 employees ; at full buildout , it is expected to employ about 150 people . Heraeus Shin -Etsu , a joint German/Japanese venture which produces quartz glass crucibles used in the production of silicone wafer chips for computer microchips . The company ' s manufacturing facility is located at the City ' s Cascade Business Park and currently employs 32 people . Expansion at the facility is planned over the next few years . Furuno USA , Inc . , a marine electronics firm , is nearing the completion of a $ 4 million , 100 , 000 square - foot distribution and headquarters facility at the Cascade Business Park in Camas . The facility will provide technical support , customer service and maintenance services and will employ up to 75 people . Linear Technology Corporation , a leading manufacturer of high performance linear integrated circuits , completed construction of a complete wafer fabrication operation at the Cascade Business Park in the City in the spring of 1996 . The company employs 100 people , which is expected to increase to 350 employees over the next six years . Chen Instrument Design is planning to build an office and manufacturing facility at a 4 - acre site at the Cascade Business Park . The company manufactures computerized equipment used in photosynthesis measurements testing and CO2 cell analysis . Advantec MFS , a subsidiary of Tokyo -based Roshi Kaisha Ltd . , has selected Camas as the site for its new $ 12 million membrane filter plant . The film it produces are used in medical laboratories , semiconductors and food processing . Production at the plant is expected to begin in 1997 for approximately 50 workers . Other Major Employers Tidland Corporation , a manufacturer of pneumatic shafts ( primarily for the paper industry ) employs approximately 160 people in the City . The company originated in Camas and now has offices throughout the world . Industrial Materials Technology plans to build a $ 20 million , 50 , 000 square - foot plant at the Cascade Business Park that will eventually employ 30 to 40 workers . Construction is expected to begin soon and be complete two years from commencement . The company is a processor of high density plastic parts for the aerospace , automotive , medical , and marine industries , among others . Other larger employers in the City reflect the strength of the local construction industry : Pacific Rock Products is a concrete and gravel operation with 39 employees and Aphis Redymix is another concrete and gravel business with 50 employees . 19 According to the 1990 U . S . Census , the City of Camas had the highest family median income ( $ 32 , 755 ) and the highest per capita personal income ( $ 13 , 010 ) of all incorporated communities in Clark County . TAXABLE RETAIL SALESI Clark City of Year County Camas 1995 $ 29543 , 938 , 165 $ 1317246 , 957 1994 2 , 408 , 4671147 128 , 8539392 1993 2 , 160 , 1011500 121 , 572 , 798 1992 1 , 943 , 786 , 700 100 , 6419672 1991 1 , 750 , 070 , 100 101 , 261 , 987 1990 1 , 637 , 2581, 000 1009495 , 363 CITY OF CAMAS NEW CONSTRUCTION Industrial/Commerial Residential Year No . of Units Value No . of Units Value 1995 44 $ 319375 , 762 302 $ 417935 ,422 1994 25 59853 , 681 344 4473514) 223 1993 34 17 , 592 , 085 131 2291999677 1992 26 1 , 478 , 267 86 139742 , 818 1991 27 54, 876 , 739 133 171286 , 274 CITY OF CAMAS MAJOR EMPLOYERS3 Employer Business No . of Employees Hewlett Packard4 Ink jet printers 21700 James River Corporation Pulp and paper 1 , 650 Sharp Microelectronics Computer displays 600 Tidland Corporation Pneumatic shafts 160 Linear Technology Corp . Linear integrated circuits 100 Columbia Vista Corp . Lumber 85 Aphis Readymix Concrete and gravel 50 Underwriters Laboratories Product testing 46 I Source : Washington State Department of Revenue . 2 Source : City of Camas Building Department . 3 Source : Camas/Washougal Chamber of Commerce , August 1996 . 4 Located just west of the City limits . 20 CLARK COUNTY TOTAL AND PER CAPITA INCOMEI Per Capita Total Year Personal Income Personal Income ( 000 ) 1994 $ 21 , 102 $ 5 , 94500 . 1993 20 , 179 5 , 4751000 1992 197374 5 , 046 , 000 1991 189311 4 , 615 , 000 1990 17 , 876 47305 , 000 CIVILIAN LABOR FORCE AND ANNUAL AVERAGE NONAGRICULTURAL WAGE AND SALARY WORKERS EMPLOYED IN CLARK COUNTY2 Average Annual 19953 19943 1993 1992 Civilian Labor Force 148 , 800 1407400 13600 1327200 Employment 142 , 700 1349500 128 , 700 123 , 000 Unemployment 67100 55900 71900 91200 Percent of Labor Force 401 % 462 % 5o8 % 7 . 0 % Total Nonagricultural Wage & Salary Workers 100 , 200 959800 899100 827800 Manufacturing 209100 199000 184) 300 169700 Durable Goods 129600 11 , 600 114) 100 9 , 700 Lumber & wood products 14) 300 1 , 400 1 , 600 11500 Metals & metal products 2 , 100 14) 900 19700 19600 Machinery excluding * electrical 41100 39800 31700 2 , 800 Electrical machinery 39900 3 , 500 39200 35100 Other durable 11200 19000 900 800 Nondurable Goods 79500 74, 500 71Y200 71000 Food & kindred products 11200 17300 17300 11300 Textiles & apparel 15100 17100 14) 100 17000 Paper & allied products 35100 34) 200 3 , 200 39100 Other nondurable 2 , 000 19900 17700 11600 Construction & Mining 79900 77500 67600 61400 Transportation & Utilities 41800 45400 47000 39800 Wholesale & Retail Trade 229900 21 , 800 19 , 900 199200 Finance , Insurance & Real Estate 49600 41700 4 , 500 49100 Services 23 , 100 224) 100 20 , 300 185700 Government 164) 800 16 , 200 15 , 600 15 , 000 1 Source : U . S . Bureau of Economic Analysis . 2 Source : Washington State Employment Security Department ; totals may not add due to rounding . 3 Preliminary ; subject to change . 21 ORIGINAL. ISSUE DISCOUNT The initial public offering price of the Bonds maturing in the years 2007 through 2009 ( the " Discount Bonds " ) is less than the principal amount thereof payable at maturity . As a result , the Discount Bonds will be considered to be issued with Original Issue Discount . The difference between the initial public offering price of the Discount Bonds , as set forth on the cover page of this Official Statement ( assuming it is the first price . at which a substantial amount of each series of Discount Bonds is sold) , and the principal amount payable at maturity of the Discount Bonds will be treated as " Original Issue Discount . " With respect to a taxpayer who purchases a Discount Bond at the initial public offering price ( assuming it is the first price at which a substantial amount of the Discount Bonds is sold ) and who holds such Discount Bonds to maturity , the full amount of the Original Issue Discount will constitute interest which is not includable in the gross income of the owner of such Discount Bonds for federal income tax purposes and such owner will not , under present federal income tax law , realize taxable capital gain upon payment of such Discount Bond upon maturity . Section 1288 of the Code provides , with respect to tax - exempt obligations such as the Bonds , that the amount of Original Issue Discount , accruing each period will be added to the owner ' s tax basis for the Bonds . Such adjusted tax basis will be used to determine taxable gain or loss upon disposition of the Bonds ( including sales , redemption or payment at maturity ) . An owner of a Bond who disposes of such Bond prior to maturity should consult his tax advisor as to the amount of Original Issue Discount accrued over the period held and the amount of taxable gain or loss upon the sale or other disposition of such Bond prior to maturity . The Original Issue Discount on each of the Bonds is treated as accruing daily over the term of such Bond on the basis of a constant interest rate compounded at the end of each six - month period ( or shorter period from the date of original issue ) ending each June 1 and December 1 (with straight line interpolations between compounding dates ) . A portion of the Original Issue Discount that accrues in each year to an owner of a Bond may result in certain collateral federal income tax consequences . In the case of a corporation , such portion of the Original Issue Discount will be included in the calculation of the corporation ' s alternative minimum tax liability and the environmental tax liability . Corporate owners of any Bonds should be aware that the accrual of Original Issue Discount in each year may result in an alternative minimum tax liability or an environmental tax liability although the owner of such Bonds will not receive a corresponding cash payment until a year later . Owners who purchase Bonds in the initial public offering but a price different than the first offering price at which a substantial amount of that series of Bonds was sold to the public should consult their own tax advisors with respect to the tax consequences of the ownership of the Bonds . The Code contains certain provisions relating to the accrual of Original Issue Discount in r the case of subsequent purchasers of obligations such as the Bonds . Owners who do not purchase Bonds in the initial public offering should consult their own tax advisors with respect to the tax consequences of the ownership of the Bonds . Owners of the Bonds should consult their own tax advisors with respect to the state and local tax consequences of owning the Bonds . It is possible that under the applicable provisions concerning the determination of state or local income taxes , accrued interest on the Bonds may be deemed to be received in the year of accrual even though there will not be a corresponding cash payment until a later year . 22 TAX EXEMPTION General In the opinion of Preston Gates , & Ellis , Bond Counsel , Seattle , Washington , interest on the Bonds is excluded from gross income subject to federal income taxation pursuant to Section 103 of the Internal Revenue Code of 1986 (the " Code " ) . The Bonds are not private activity bonds and interest on the Bonds is not an item of tax preference for purposes of determining alternative minimum taxable income for individuals or corporations under the Code . However , interest on the Bonds is taken into account in the computation of adjusted current earnings for purposes of the corporate alternative minimum tax under Section 55 of the Code and in the computation of the environmental tax on corporations under Section 59A of the Code as more fully described in this section under the heading " Certain Federal Income Tax Consequences . " Except as described herein , Bond Counsel expresses no opinion on any other federal , state or local tax consequence arising with respect to ownership of the Bonds . Certain Federal Income Tax Consequences The following is a discussion of certain federal tax matters under the Code . This discussion does not purport to deal with all aspects of federal taxation that may be relevant to particular bondowners . Prospective bondowners , particularly those who may be subject to special rules , are advised to consult their own tax advisors regarding the federal tax consequences of owning and disposing of the Bonds , as well as any tax consequences arising under the laws of any state or other taxing jurisdiction . Alternative Minimum Tax on Corporations Section 55 of the Code imposes an alternative minimum tax on corporations equal to the excess of the tentative minimum tax for the taxable year over the regular tax for such year . The tentative minimum tax is based upon alternative minimum taxable income which is regular taxable income with certain adjustments and increased by the amount of certain items of tax preference . One of the adjustments is a portion ( 75 % for any taxable year beginning after 1989 ) of the amount by which a corporation ' s adjusted current earnings exceed the corporation ' s alternative minimum taxable income ( determined without regard to such adjustment and the alternative tax net operating loss deduction ) . Interest on tax - exempt obligations , such as the Bonds , is included in a corporation ' s adjusted current earnings . Environmental Tax on Corporations Section 59A of the Code imposes an environmental tax on corporations for taxable years beginning before January 1 , 1996 ( subject to certain exceptions ) equal to 0 . 12 % of modified alternative minimum taxable income ( determined , in part , without regard to the alternative tax net operating loss deduction) that is in excess of $ 2 , 000 , 000 . Interest on tax- exempt obligations , such as the Bonds , is included in a corporation ' s alternative minimum taxable income for purposes of this environmental tax . The environmental tax is payable whether or not an alternative minimum tax is payable . Qualified Tax Exempt Obligations The City has designated the Bonds as " qualified tax - exempt obligations " for banks , thrift institutions and other financial institutions so that such financial institutions will not be denied a deduction of 100 % of their interest expenses allocable to the Bonds . 23 Borrowed Funds The Code provides that interest paid on funds borrowed to purchase or carry tax - exempt obligations during a tax year is not deductible . In addition , under rules used by the Internal Revenue Service for determining when borrowed funds are considered used for the purpose of purchasing or when carrying particular assets , the purchase of obligations may be considered to have been made with borrowed funds even though the borrowed funds are not directly traceable to the purchase of such obligations . • Property and Casualty Insurance Companies , The deduction for loss reserves for property and casualty insurance companies is reduced by 15 % of the sum of certain - items , including the interest received on tax - exempt bonds such as the Bonds . Social Security and Railroad Retirement Benefits The Code also requires recipients of certain Social Security or Railroad Retirement benefits to take into account , in determining gross income , receipts or accruals of interest that is exempt from federal income tax , including tax - exempt interest on obligations such as the Bonds . Branch Profits Tax Certain , foreign corporations doing business in the United States may be subject to a branch profits tax on their effectively connected earnings and profits , including tax - exempt interest on obligations such as the Bonds . S Corporations Certain S corporations that have subchapter C earnings and profits at the close of a taxable year and gross receipts more than 25 % of which are passive investment income , which includes interest on tax - exempt obligations such as the Bonds , may be subject to a tax on excess net passive income . TAX COVENANTS The City covenants in the Bond Ordinance that it will not make any use of the proceeds from the sale of the Bonds or any other funds of the City that may be deemed to be proceeds of such Bonds pursuant to Section 148 of the Code that will cause the Bonds to be " arbitrage bonds " within the meaning of said Section . The City will comply with the applicable requirements of Section 148 of the Code ( or any succesor provision thereof applicable to the Bonds ) throughout the term of the Bonds . The City further covenants that it will not take any action or permit any action to be taken that would cause the Bonds to constitute "private activity bonds " under Section 141 of the Code . ABSENCE OF MATERIAL LITIGATION There is no litigation of any kind now pending or , to the knowledge of the City , threatened to restrain or enjoin the issuance or delivery of the Bonds or in any manner questioning the proceedings and authority under which the Bonds are issued or affecting the ability of the City to pay the principal of or the interest on the Bonds . 24 MUNICIPAL BOND INSURANCE The following information has been furnished by MBIA Insurance Corporation ( the " Insurer" ) for use in this Official Statement . Reference is made to Appendix B for a specimen of the Insurer ' s policy . The Insurer ' s policy unconditionally and irrevocably guarantees the full and complete payment required to be made by or on behalf of the Issuer to the Paying Agent or its successor of an amount equal to ( i ) the principal of ( either at the stated maturity or by an advancement of maturity pursuant to a mandatory sinking fund * payment) and interest on , the Bonds as such payments shall become due but shall not be so paid ( except that in the event of any acceleration of the due date of such principal by reason of mandatory or optional redemption or acceleration resulting from default or otherwise , other than any advancement of maturity pursuant to a mandatory sinking fund payment , the payments guaranteed by the Insurer ' s policy shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such acceleration ) ; and ( ii ) the reimbursement of any such payment which is subsequently recovered from any owner of the Bonds pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within the meaning of any applicable bankruptcy law ( a "Preference" ) . The Insurer ' s policy does not insure against loss of any prepayment premium which may at any time be payable with respect to any Bond . The Insurer ' s policy does not , under any circumstance , insure against loss relating to : ( i ) optional or mandatory redemptions ; ( ii ) any payments to be made on an accelerated basis ; (iii ) payments of the purchase price of Bonds upon tender by an owner thereof; or ( iv) any Preference relating to (i ) through (iii ) above . The Insurer ' s policy also does not insure against nonpayment of principal of or interest on the Bonds resulting from the insolvency , negligence or any other act or omission of the Paying Agent or any other paying agent for the Bonds . Upon receipt of telephonic or telegraphic notice , such notice subsequently confirmed in writing gistered or certified mail , or upon receipt of written notice by registered or certified mail , by by re the Insurer from the Paying Agent or any owner of a Bond the payment of an insured amount for which is then due , that such required payment has not . been made , the Insurer on the due date of such payment or within one business day after receipt of notice of such nonpayment , whichever is later , will make a deposit of funds , in an account with State Street Bank and Trust Company , N . A . , in New York , New York , or its successor , sufficient for the payment of any such insured amounts which are then due . Upon presentment and surrender of such Bonds or presentment of ship of the Bonds , together with any appropriate instruments of such other proof of owner assignment to evidence the assignment of the insured amounts due on the Bonds as are paid by the Insurer , and appropriate instruments to effect the appointment of the Insurer as agent for such owners of the Bonds in any legal proceeding related to payment of insured amounts on the Bonds , such instruments being in a form satisfactory to State Street Bank and Trust Company , N . A . , State Street Bank and Trust Company , N . A . shall disburse to such owners or the Paying Agent payment of the insured amounts due on such Bonds , less any amount held by the Paying Agent for the payment of such insured amounts and legally available therefor . The Insurer , is the principal operating subsidiary of MBIA Inc . , a New York Stock Exchange listed company . MBIA Inc . is not obligated to pay the debts of or claims against the Insurer . The Insurer is domiciled in the State of New York and licensed to do business in and subject to regulation under the laws of all 50 states , the District of Columbia and the Commonwealth of Puerto Rico , the Commonwealth of the Northern Mariana Islands , the Virgin Islands of the United States and the Territory of Guam . The Insurer has two European branches , one in the Republic of France and the other in the Kingdom of Spain . New York has laws prescribing minimum capital requirements , limiting classes and concentrations of investments and requiring the approval of policy rates and forms . State laws also regulate the amount of both the aggregate and individual risks that may be insured , the payment of dividends by the Insurer , changes in 25 Additionally , the Insurer is required to maintain contingency reserves on its liabilities in certain amounts and for certain periods of time . As of December 31 , 1995 the Insurer had admitted assets of $ 3 . 8 billion ( audited) , total liabilities of $ 2 . 5 billion ( audited ) , and total capital and surplus of $ 1 . 3 billion ( audited) determined in accordance with statutory accounting practices prescribed or permitted by insurance regulatory authorities . As of June 30 , 1996 , the Insurer had admitted assets of $4 . 2 billion (unaudited) , total liabilities of $ 2 . 8 billion ( unaudited) , and total capital and surplus of $ 1 . 4 billion (unaudited ) determined in accordance with statutory accounting practices prescribed or permitted by insurance regulatory authorities . Furthermore , copies of the Insurer ' s year end financial statements prepared in accordance with statutory accounting practices are 19 available without charge from the Insurer . A copy of the Annual Report on Form 10 - K of MBIA Inc . is available from the Insurer or the Securities and Exchange Commission . The address of the Insurer is 113 King Street , Armonk , New York 10504 . The telephone number of the Insurer is ( 914 ) 2734545 . Moody ' s Investors Service ( "Moody ' s " ) rates the claims paying ability of the Insurer "Aaa . " Standard & Poor ' s Ratings Group , a division of The McGraw Hill Companies , Inc . ( " Standard & Poor ' s " ) , rates the claims paying ability of the Insurer " AAA . " Fitch Investors Service , L . P . , rates the claims paying ability of the Insurer " AAA. . " Each rating of the Insurer should be evaluated independently . The ratings reflect the respective rating agency ' s current assessment of the creditworthiness of the Insurer and its ability to pay claims on its policies of insurance . Any further explanation as to the significance of the above ratings may be obtained only from the applicable rating agency . The above ratings are not recommendations to buy , sell or hold the Bonds , and such ratings may be subject to revision or withdrawal at any time by the rating agencies . Any downward revision or withdrawal of any of the ratings may have an adverse effect on the market price of the Bonds . The Insurer does not guaranty the market price of the Bonds nor does it guaranty that the ratings on the Bonds will not be reversed or withdrawn . RATING The City has received a rating from Moody ' s Investors Service , Inc . A municipal bond rating reflects a rating agency ' s current assessment of a number of factors relating to the issuer of any debt , including the likelihood of repayment of such debt , the perceived quality of management and administration of the entity , the nature and relative health of the local economy in which the issuer exists and the overall financial condition and operational controls which exist for the issuer . The existence of a bond rating does not imply a recommendation by a rating agency to purchase , sell or hold any such security , inasmuch as it does not take into account a number of subjective variables , including the market price of any such security or suitability of such security for any particular investor . A credit rating is based on current information furnished by the issuer or obtained by a rating agency from sources which it considers to be reliable . Moody ' s Investors Service does not perform an audit in connection with any credit rating it may assign and may , on occasion , rely on unaudited financial information . A bond rating may be changed , suspended or withdrawn as a result of changes in , or unavailability of, such information , or for other circumstances . 26 CONTINUING DISCLOSURE In accordance with Section (b ) ( 5 ) of Securities and Exchange Commission Rule 15c2 - 12 under the Securities Exchange Act of 1934 , as the same may be amended from time to time ( the " Rule " ) , the City has agreed in the Bond Ordinance to provide or cause to be provided to each nationally recognized municipal securities information repository ( "NRMSIR " ) and to the state information depository for the State of Washington (if one is created ) ( " SID " ) , in each case as designated by the Securities and Exchange Commission ( the " Commission" ) in accordance with the Rule , the following annual financial information and operating data for the prior fiscal year ( commencing in 1997 for the fiscal year ended December 31 , 1996 ) : ( i ) annual financial statements prepared in accordance with regulations prescribed by the State Auditor pursuant to RCW 43 . 09 . 200 ( or any successor statutes ) and generally of the type included in this Official Statement for the Bonds under the heading Comparative Statement of General Fund Revenues and Expenditures (ii ) the assessed valuation of taxable property in the City ; ( iii ) property taxes due , property taxes collected and property taxes delinquent ; ( iv ) property tax levy rates per $ 1 , 000 of assessed valuation ; and (v ) outstanding general obligation debt of the City . Such annual information and . operating data described above will be so provided on or before the end of seven months after the end of the City ' s fiscal year. The City may adjust such date if the City changes its fiscal year by providing written notice of the change of fiscal year to each then existing NRMSIR and the SID . The City ' s current fiscal year ends on December 31 . In lieu of providing such annual financial information and operating data , the City may cross -reference to other documents provided to the NRMSIR , the SID or to the Commission , and , if such document is a final official statement within the meaning of the Rule , such document will be available from the Municipal Securities Rulemaking Board ( "MSRB " ) . The City agrees to provide or cause to be provided , in a timely manner , to each NRMSIR or to the MSRB and to the SID notice of its failure to provide the annual financial information and operating data described above on or prior to the date set forth above . If not provided as part of the annual financial information discussed above , the City will provide its audited annual financial statement prepared in accordance with regulations prescribed by the State Auditor pursuant to the statute cited above ( or any successor statutes ) when and if available to each then existing NRMSIR and the SID . The City further agrees to provide or cause to be provided , in a timely manner , to the SID and to each NRMSIR or to the MSRB notice of the occurrence of any of the following events with respect to the Bonds , if such event is material : (i ) principal and interest payment delinquencies ; ( ii ) nonpayment related defaults ; ( iii ) unscheduled draws on debt service reserves for the Bonds reflecting financial difficulties ; ( iv ) unscheduled draws on credit enhancements for the Bonds reflecting financial difficulties ; ( v) substitution of credit or liquidity providers or their failure to perform ; ( vi ) adverse tax opinions or events affecting the tax - exempt status of the Bonds ; ( vii ) modifications to the rights of Bond owners ; ( viii ) optional redemption of the Bonds prior to their maturity ; ( ix ) defeasance of the Bonds ; ( x ) release , substitution or sale of . property , securing repayment of the Bonds ; and ( xi ) rating changes . With reference to events ( iii ) and (x ) above , there is no debt service reserve fund or account for the Bonds and no property secures the repayment thereof. If the City subsequently establishes such reserves or provide such property as security for the Bonds , the City will provide notices of material events relating thereto , should such events occur . The only nonpayment related default to which event (ii ) applies is a failure to levy taxes as provided in the Bond Ordinance . The City ' s obligations to provide annual financial information and notices of material events will terminate upon the legal defeasance , prior redemption or payment in full of all of the Bonds . This section , or any provision hereof, will be null and void if the City ( i ) obtains an opinion of nationally recognized bond counsel to the effect that those portions of the Rule which require this section , or any such provision , are invalid , have been repealed retroactively or otherwise do not 27 apply to the Bonds ; and (ii ) notifies each then existing NRMSIR and the SID of such opinion and the cancellation of this section . The obligations of the City described in this section may be amended and any provision of this section may be waived , provided that the following conditions are satisfied : ( a) If the amendment or waiver relates to the obligation of the City to provide annual financial information or notices of material events , the amendment or waiver may only be made in connection with a change in circumstances that arise from a change in legal requirements , change in law , or change in the identity , nature or status of an obligated person with respect to the Bonds , or the type of business conducted . (b ) The undertaking , as amended or taking into account such waiver , would , in the Rule at the time of the original issue of the Bonds , after taking into account any amendments or interpretations of the Rule , as well as any change in circumstances ; and ( c ) The amendment or waiver . either ( i ) is approved by the owners of the Bonds in the same manner as provided in the Bond Ordinance for amendments to the of Bond Ordinance with the consent of the owners , or (ii ) does not , in the opinion nationally recognized bond counsel , materially impair the interests of the owners or beneficial owners of the Bonds . In the event of any amendment of or waiver of a provision of this section , the City will describe such amendment in the next annual report , and will include , as applicable , a narrative explanation of the reason for the amendment or waiver and its impact on the type ( or in the case of a change of accounting principles , on the presentation ) of financial information or operating data being presented by the City . In addition , if the amendment relates to the accounting principles to be followed in preparing financial statements , ( i ) notice of such change will be given in the same manner as for a material event , and ( '11 ) the annual report for the year in which the change is made will present a comparison ( in narrative form and also , if feasible , in quantitative form ) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles . The right of any Registered Owner or Beneficial Owner of Bonds to enforce the provisions of the City ' s undertaking described in this section shall be limited to a right to obtain specific enforcement of the City ' s obligations thereunder , and any failure by the City to comply with the provisions of the undertaking shall not be an event of default with respect to the Bonds thereunder . For purposes of the City ' s undertaking described in this section , "Beneficial Owner" means any person who has the power , directly or indirectly , to vote or consent with respect to , or to dispose of ownership of, any Bonds , including persons holding Bonds through nominees or depositories . Prior Compliance with Continuing Disclosure Undertakings. The City has not committed to any other written undertaking under the Rule . APPROVAL OF BOND COUNSEL Legal matters incident to the authorization , issuance and sale of Bonds by the City are subject to the approving legal opinion of Preston Gates & Ellis , Bond Counsel . A copy of the opinion of Bond Counsel will be printed on the Bonds . Bond Counsel has reviewed this document only to confirm that the portions of it describing the Bonds and the City ' s authority to issue them conform to the Bonds and the applicable laws under which they are issued . 28 CONFLICTS OF INTEREST Some or all of the fees of the Underwriter and Bond Counsel are contingent upon the issuance and sale of the Bonds . Furthermore , Bond Counsel from time to time serves as counsel to the Underwriter with respect to issuers other than the City and transactions other than the issuance of the Bonds . None of the councilmembers or other officers of the City have interests in the issuance of the Bonds that are prohibited by applicable law . UNDERWRITING The Underwriter has agreed , subject to certain conditions , to purchase all of the Bonds , if any are purchased , at a price of 99 . 10577 % of the par value of the Bonds . The Bonds will be reoffered at an average price of 99 . 870771 resulting in an underwriting spread of . 765 % of thep ar value of the Bonds . After the initial public offering , the public offering prices may be varied from time to time . CONCLUDING STATEMENT All estimates , assumptions , statistical information and other statements contained herein , while taken from sources considered reliable , are not guaranteed by the City or the Underwriter . So far as any statement herein includes matters of opinion , or estimates of future expenses and income , whether or not expressly so stated , they are intended merely as such and not as representations of fact . The information contained herein should not be construed as representing all conditions affecting the City or the Bonds . Additional information may be obtained directly from the City or the Underwriter . The foregoing statements relating to the Bond Ordinance and other documents are in all respects subject to and qualified in their entirety by provisions of such documents . This Official Statement , starting with the cover page and all subsequent pages , including any appendices , comprise the entire Official Statement , which has been approved by the City . The City has represented to the Underwriter that the portions of this Official Statement directly pertaining to the City neither contain any misrepresentation of material fact nor omit any material fact necessary to understand the financial , economic or legal nature of the City or any information presented herein . 29 This page left blank intentionally . APPENDIX A FORM OF LEGAL OPINION This page left blank intentionally . PRESTON GATES & ELLIS ATTORNEYS November 12, 1996 City of Camas Camas, Washington Bank of America NW, N . A. , dba Seafirst Bank Seattle, Washington Re : City of Com, Washington Unlimited Tax General Obligation Refunding Bonds, 1996 - $ 1 , 000 000 Ladies and Gentlemen : We have examined a certified transcript of all of the proceedings taken in the matter of the issuance by the City of Camas, Washington (the " City " ), of its Unlimited Tax Genes Obligation Refunding Bonds, 1996, in the aggregate principal amount of $ 1 , 000, 000 (the "Bonds " ) . The Bonds are issued pursuant to Ordinance No . 2092 of the City, passed on October 28 , 1996, for the purpose of refunding certain outmoding sited tax general obligation bonds of the4 City. The Bonds are dated November 1 , 1996, are in fiilly registered form, are in the denomination of $ 5 , 000 each or integral multiples thereof bear interest at the following rates per annum7p le beginning June 1 , 1997, and semiannually thereafter on December 1 and June 1 of each year, and mature on the, dates and in the amounts set forth below . Maturity Principal Interest Date Amount Rate December 1 , 1997 $ 10, 000 3 . 80% December 1 ., 1998 15 , 000 4 . 15 December 1 , 1999 15 , 000 4 . 35 December 1 , 2000 80, 000 4 . 45 December 1 , 2001 85 , 000 4 . 55 December 1 , 2002 90, 000 4 . 70 ft December 1 , 2003 95 , 000 4 . 80 December l , 2004 100, 000 4 . 90 December 1 , 2005 105 , 000 5 . 00 December 1, 2006 110, 000 5 . 05 December 1 , 2007 120, 000 5 . 10 December 1 , 2008 115 , 000 5 . 20 June 1 , 2009 60 , 000 5 . 30 A PARTNERSHIP INCLUDING A PROFESSIONAL CORPORATION ANCHORAGE • COEUR D ' ALENE • LOS ANGELES • PORTLAND • SPOKANE • TACOMA WASHINGTON , D C 5000 COLUMBIA CENTER 701 FIFTH AVENUE SEATTLE , WASHINGTON 98104 - 7078 PHONE : ( 206 ) 623 - 7580 FACSIMILE : ( 206 ) 62 - 7022 City of Camas, Washington Bank # of America NW, N. A. , dba Seafirst Bank November 12 , 1996 . Page 2 The Bonds ma it in the years 1997 through 2006 are not . subject to redemption in advance of their scheduled maturity. The Bonds maturing on and atter December 1 , 2007 are subject to redemption at the option of the . City on or after December 1 , 2006, in whole or in part at any time (and if in part, with maturities to be selected by the City and by lot within a maturity in such mariner as the Bond Registrar shall determine), at par, plus accrued interest to the date of redemption. We have not been engaged nor have we undertaken to review the accuracy, completeness or ciency of the official statement or other offering material relating to the Bonds (except to the extent, if any, stated in the official statement), and we express no opinion relating thereto or relating to the undertaking of the City to provide ongoing disclosure pursuant to SEC Rule 15c242 . From such examination it is our opinion that the Bonds have been legally issued and constitute valid general obligations of the City, except to the extent that the enforcement of the rights and remedies of the owners of the Bonds may be limited by laws relating to bankruptcy, reorganization or other smear laws of general application affecting the rights of creditors . Both principal of and interest on the Bonds are payable out of annual levies of ad valorem taxes to be made upon all of the taxable property within the City without limitation as to rate or amount and in amounts which, together with other available funds, will be sufficient to pay such principal and interest as the same shall become due . We are of the opinion that interest on the Bonds is excluded from gross income for purposes of federal income tiMXation pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the " Code " ), provided that the continuing arbitrage requirements of Section 148 of the Code are complied with. We are of the opinion that the Bonds are not private activity bonds . The City has designated the Bonds - as " qualified tax-exempt obligations " for investment by financial institutions pursuant to Section 265 (bx3 ) of the Code . City of Com, Washington Bank of America NW, N. A. , dba Sea&st Bank November 12 , 1996 Page 3 We are fiulher of the opinion that interest on the Bonds is not an item of tax preference for purposes of the federal alternative mum tax imposed on individuals or corporations, but is taken into mount in the computation of adjusted current earnings for purposes of the alternative rriininnum tax under Section 55 of the Code and in the computation . of the environmental tax on corporations under Section 59A of the Code . Except as stated herein, we express no o inion 0 10p regarding any other federal, state or local tax consequences arising with respect to ownership of the . Bonds . Very truly yours, PRESTON GATES & El I ,IS By Forrest W. Walls FVW : cf J.*+I~1809Sw00.00MZOL0P0B4. DOC _ b . This page left blank intentionally . t APPENDIX B MUNICIPAL BOND INSURANCE POLICY SPECIMEN This page left blank intentionally . 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